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Tuniu reports 80.9% increase in 2017 gross profit

03/14/2018| 6:15:55 PM| 中文

In 2017, gross profit was RMB 1.2 billion ($179.5 million), an increase of 80.9% year-over-year; net loss was RMB 771.3 million ($118.6 million), compared to a net loss of RMB 2.4 billion in 2016.

Tuniu Corporation (the Company), a leading online leisure travel company in China, announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2017.

Highlights for Q4 2017

Net revenues in the fourth quarter of 2017 were RMB 469.9 million (USD 72.2 million), an increase of 46.1% year-over-year when compared with Non-GAAP net revenues in the fourth quarter of 2016.

Gross profit in the fourth quarter of 2017 was RMB 235.2 million (USD 36.1 million), an increase of 39.6% year-over-year when compared with Non-GAAP gross profit in the fourth quarter of 2016.

Highlights for FY 2017 and Recent Development

Net revenues in 2017 were RMB2.2 billion (USD 336.9 million), an increase of 53.3% year-over-year when compared with Non-GAAP net revenues in 2016.

Gross profit in 2017 was RMB 1.2 billion (USD 179.5 million), an increase of 80.9% year-over-year when compared with Non-GAAP gross profit in 2016.

Operating expenses were RMB2.1 billion (USD 315.3 million) in 2017, a decrease of 34.6% year-over-year from 2016.

Net loss was RMB 771.3 million (USD 118.6 million) in 2017, compared to a net loss of RMB2.4 billion in 2016.

As of February 28, 2018, Tuniu had 14 local tour operators in total, among which 12 are located in China and 2 are located overseas.

 

Q4 2017 Results

Net revenues were RMB469.9 million (USD 72.2 million) in the fourth quarter of 2017, representing a year-over-year increase of 46.1%, compared with Non-GAAP net revenues, from the corresponding period in 2016.

Revenues from packaged tours, which are mainly recognized on a net basis, were RMB 290.1 million (USD 44.6 million) in the fourth quarter of 2017, representing a year-over-year increase of 32.2%, 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.

Other revenues were RMB 179.8 million (USD 27.6 million) in the fourth quarter of 2017, representing a year-over-year increase of 75.9%, compared with Non-GAAP other revenues, from the corresponding period in 2016. The increase was primarily due to a rise in revenues generated from financial services and commission fees received from certain travel-related products.

FY 2017 Results

Net revenues were RMB 2.2 billion (USD 336.9 million) in 2017, representing a year-over-year increase of 53.3%, compared with Non-GAAP net revenues in 2016.

Revenues from packaged tours, which are mainly recognized on a net basis, were RMB 1.6 billion (USD 244.3 million) in 2017, representing a year-over-year increase of 49.8%, compared with Non-GAAP revenues from packaged tours in 2016. The increase was primarily due to the growth of organized tours and self-guided tours.

Other revenues were RMB 602.7 million (USD 92.6 million) in 2017, representing a year-over-year increase of 56.0%, compared with Non-GAAP other revenues in 2016. The increase was primarily due to a rise in revenues generated from financial services and commission fees received from certain travel-related products.

Net loss was RMB 771.3 million (USD 118.6 million) in 2017, compared to a net loss of RMB 2.4 billion in 2016. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB 531.1 million (USD 81.6 million) in 2017.

Net loss attributable to ordinary shareholders was RMB 773.0 million (USD 118.8 million) in 2017, compared to a net loss attributable to ordinary shareholders of RMB 2.4 billion in 2016. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB 532.8 million (USD 81.9 million) in 2017.

Business Outlook

For the first quarter of 2018, Tuniu expects to generate RMB 469.7 million to RMB 488.0 million of net revenues, which represents 3% to 7% growth year-over-year. This forecast reflects Tuniu's current and preliminary view on the industry and its operations, which is subject to change.

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