Home > > Leisure-focused OTA Tuniu expects to narrow revenue drop next quarter

Leisure-focused OTA Tuniu expects to narrow revenue drop next quarter

03/16/2021| 6:40:44 PM| ChinaTravelNews

The company further strengthened cost-control measures and continued to optimize internal management system.

Tuniu Corporation, a leisure-focused Chinese online travel company, said its revenues decreased 73.7% to RMB 118.7 million (US$ 18.2 million) in the fourth quarter of 2020.  

Revenues from packaged tours were RMB 83.1 million (US$ 12.7 million) in the fourth quarter, representing a year-over-year decrease of 75.9% from 2019. 

Net loss was RMB 921.8 million (US$ 141.3 million) in the fourth quarter of 2020, compared to a net loss of RMB 401.4 million in the fourth quarter of 2019.

Founder & CEO Mr. Donald Dunde Yu said, "In 2020, we further strengthened our cost control measures and since the fourth quarter we continued to optimize our internal management system, which will help build a solid foundation for the company's business development in 2021."

Full-year net revenues dropped 80.3% to RMB 450.3 million (US$ 69.0 million) in 2020. Revenues from packaged tours were RMB 302.4 million (US$ 46.3 million) in 2020, representing a year-over-year decrease of 84.0% from 2019. Net loss was RMB 1.3 billion (US$ 205.9 million) in 2020, compared to a net loss of RMB 729.4 million in 2019. 

For the first quarter of 2021, the company expects to generate RMB 60.9 million to RMB 69.6 million of net revenues, which represents 60% to 65% decrease year-over-year. 

TAGS: Tuniu | leisure OTA | financial statements
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