CAR Inc. reports 59% increase in net profit Q1 2015
CAR Inc. announnced adjusted net profit was RMB210 million, a 59% increase y-o-y in its unaudited consolidated results for the three months ended March 31, 2015.
HONG KONG, May 19, 2015 – CAR Inc. (“CAR” or the “Company”, stock code: 699) is pleased to announnce the unaudited consolidated results of the Company and its subsidiaries (the “Group”) for the three months ended March 31, 2015.
First Quarter Financial Highlights:
- Rental revenue was RMB926 million, a 37% increase over the corresponding period of last year.
- Adjusted EBITDA was RMB577 million, a 51% increase over the corresponding period of last year
- Adjusted EBITDA margin was 62.4%, compared with 56.7% in the first quarter of 2014
- Adjusted net profit was RMB210 million, a 59% increase over the corresponding period of last year
- Adjust net profit margin was 23%, compared with 20% in the first quarter of 2014
- Basic earnings per share was RMB0.075
First Quarter Operational Highlights:
Total fleet size was 72,994 vehicles as of March 31, 2015, compared with 63,552 vehicles as of December 31, 2014. The operating fleet size was 69,067 vehicles as of March 31, 2015, compared with 58,773 vehicles as of December 31, 2014.
The Group disposed of 1,581 used vehicles during the first quarter of 2015. Gross margin from used vehicle sales in the first quarter of 2015 was 4.3%, continue demonstrating the ability of managing the full cycle of rental business.
The Group’s short-term rental business continued to perform strongly in the first quarter of 2015.RevPAC increased to RMB175 in the first quarter of 2015, compared with RMB160 in the prior quarter and 171 in the corresponding period of last year. Average daily rental rate
(“ADRR”) continued to remain relatively stable at RM275 in the first quarter of 2015, compared with RMB260 in the prior quarter and 281 in the corresponding period of last year. The fleet utilization rate increased to 63.7% in the first quarter of 2015, while still maintaining a deliberate balance to secure more license plates.
The UCAR Collaboration in January 2015 helped to accelerate growth and bring benefits to the Group by increasing revenue and profit margin, improving fleet efficiency and allowing the Group to secure more license plate resources. As at 31 March, 2015, a total of 9,031 rental vehicles were rented to UCAR under long-term rental terms. The Group has also seen strong synergies between short-term self drive and UCAR chauffeured service by renting short-term rental fleet to UCAR during weekdays
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