On August 15, CAR Inc. announced its unaudited consolidated results for the six months ended 30 June 2017.
Car rental revenue was RMB1,739 million, an increase of 31% year-over-year.
Fleet rental revenue, mostly contributed by UCAR fleet, was RMB 705 million, a decrease of 36% year-over-year.
Net profit was RMB 379 million, compared with RMB 1,062 million in the same period of 2016. The decrease was mainly driven by a significant difference of RMB 794 million fair value gain or loss from investment in equity shares and redeemable preference share.
Adjusted EBITDA was RMB 1,449 million, compared with RMB 1,556 million in the same period of 2016. Adjusted EBITDA margin was 59.0%, compared with 63.5% in the same period of 2016.
For the car rental business, rental days grew by 71% year-over-year. Number of registered members increased by 57% year-over-year as at 30 June 2017.
Average daily rental revenue per car rental vehicle (“RevPAC”) decreased by 5% to RMB160. Fleet utilization rate increased to 68.5%, representing an increase of 14 percentage points year-over-year. Average daily rental rate (“ADRR”) decreased by 24%.
Mr. Charles Lu, Chairman of CAR, commented, “Although the Company recorded flat rental revenue growth and decreased profit due to the decline of UCAR rental fleet and certain non-operational factors, we are delighted to see our car rental business achieved very impressive results, not only delivering record high growth, but also realizing margin expansion.”
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