Chinese online leisure travel provider Tuniu reported that its net revenues decreased 4.2% to RMB 451.3 million (USD 64.8 million) in the fourth quarter of 2019. Net revenues for the whole year were RMB 2.3 billion (USD 327.6 million), up by 1.8% from 2018.
Revenues from packaged tours were RMB 344.3 million (USD 49.5 million) in the quarter, down by 3.7% from last year. Revenues from packaged tours for the whole year of 2019 were RMB 1.9 billion (USD 271.0 million), up by 3.1% from 2018.
Loss from operations was RMB 434.2 million (USD 62.4 million) in the quarter, compared to a loss from operations of RMB 103.1 million in the fourth quarter of 2018.
Net loss was RMB 401.4 million (USD 57.7 million) in the fourth quarter of 2019, compared to a net loss of RMB 72.9 million in 2018.
Net loss for the whole year was RMB 729.4 million (USD 104.8 million), compared to a net loss of RMB 199.4 million in 2018.
As of December 31, 2019, the company had cash and cash equivalents, restricted cash and short-term investments of RMB 1.9 billion (USD 276.9 million).
CEO Donald Dunde Yu said the COVID-19 has brought an unprecedented challenge to the travel industry and to the company's business operation. Tuniu has implemented a number of cost-saving adjustments that will manifest starting from the second half of 2020.
For the first quarter of 2020, the company expects to generate RMB 114.2 million to RMB 159.9 million of net revenues, which represents 65% to 75% decrease year-over-year.
In the meantime, Tuniu also announced that its CFO Ms. Maria Yi Xin has tendered her resignation which will be effective as of May 31, 2020. The company has initiated a search for a new Chief Financial Officer.