Home > Ground Services > eHi Car Services reports 60.7% rise in net revenues in Q1 2015

eHi Car Services reports 60.7% rise in net revenues in Q1 2015

05/27/2015| 11:16:26 AM|

Net revenues for Q1 2015 was US$47.7 million, up 60.7% year over year, attributable to increases in net revenues from both car rentals and car services.

SHANGHAI, May 26, 2015 -- eHi Car Services Limited, a leading car rentals and car services provider in China, today announced its unaudited financial results for the first quarter ended March 31, 2015.

First Quarter 2015 Highlights

Net revenues increased 60.7% year over year, from RMB183.9 million for the first quarter of 2014 to RMB295.5 million (US$47.7 million[1]) for the first quarter of 2015

Three months ended March 31,

Mr. Ray Zhang, eHi's Chairman and Chief Executive Officer, said, "Our operating and financial results for the first quarter of 2015 reflect continued progress in our business growth strategy. We are rapidly expanding our fleet while maintaining industry-benchmark utilization rates by leveraging our integrated technology platform and wide geographic scale. We believe that the prominence and reputation of our brand, the quality of our services, our nationwide service network and our advanced, proprietary technology platform differentiate us in the market and make us well-positioned to capture and address the evolving demands for car rental and car service customers."

Mr. Colin Sung, eHi's Chief Financial Officer, said, "We continued to capture greater economies of scale in the first quarter of 2015. Our margin improvement on top of the rapid expansion of our fleet reflects additional gains in operating leverage as we work toward sustained profitability."

Outlook

The Company estimates that its fiscal year 2015 net revenues will be in the range of RMB1.5 billion to RMB1.6 billion, which would represent an increase of approximately 76% to 88% from RMB851.2 million in 2014. The Company estimates that its total period-end fleet size as of December 31, 2015 will be in the range of 37,000 to 40,000 vehicles, which would represent an increase of approximately 87% to 103% from 19,746 vehicles as of December 31, 2014. This forecast reflects the Company's current and preliminary view, which is subject to change.

Read original press release

TAGS: eHi | Q1 | 2015 | fiscal report
©2016 广州力矩资讯科技有限公司 粤ICP备06070077号-2
Tell us more about yourself!