Tuniu trims net loss to $39.9 million in Q2 2017
Tuniu's revenues from packaged tours rose 57.7% to USD 50.1 million in the second quarter. Net loss was further narrowed to USD 39.9 million, compared to net loss of RMB 756.9 million in Q2 2016.
Tuniu announced its unaudited financial results for the second quarter ended June 30, 2017.
Highlights for the quarter
* Net revenues increased 53.8% to RMB 460.1 million (USD 67.9 million).
* Revenues from packaged tours increased 57.7% to RMB 339.3 million (USD 50.1 million).
* Gross profit increased 84.5% to RMB 240.6 million (USD 35.5 million).
* Net loss was RMB 270.8 million (USD 39.9 million) in the quarter, compared to net loss of RMB 756.9 million in the second quarter of 2016.
Mr. Donald Yu, Tuniu´s co-founder, Chairman and Chief Executive Officer, said, "Tuniu already holds the largest share of the market, yet we are able to continue strengthening our leading position relative to our peers."
Mr. Alex Yan, Tuniu´s co-founder, President and Chief Operating Officer, said, "During the quarter, both air ticketing and hotel booking grew organically beyond expectations. Our relationships with suppliers have strengthened and deepened. With the establishment of these relationships, we have been able to synergize these products with our core leisure travel packages, in particular our self-guided tours."
Second Quarter 2017 Results
Net revenues were RMB 460.1 million (USD 67.9 million) in the second quarter of 2017, representing a year-over-year increase of 53.8%, compared with Non-GAAP net revenues, from the corresponding period in 2016.
Revenues from packaged tours, substantially all of which are recognized on a net basis, were RMB 339.3 million (USD 50.1 million) in the second quarter of 2017, representing a year-over-year increase of 57.7%, compared with Non-GAAP revenues from packaged tours, from the corresponding period in 2016. The increase was primarily due to the growth of organized tours and self-guided tours.
As of June 30, 2017, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB 4.5 billion (USD 666.1 million).
For the third quarter of 2017, Tuniu expects to generate RMB 761.5 million to RMB 787.7 million of net revenues, which represents 45% to 50% growth year-over-year compared with Non-GAAP net revenues in the corresponding period in 2016. This forecast reflects Tuniu´s current and preliminary view on the industry and its operations, which is subject to change.
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