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Meituan posts "steady growth" in in-store, hotel & travel segment for the quarter

11/26/2021| 6:44:44 PM| 中文

The hotel booking business was heavily affected by the Delta Variant and travel restrictions.

For the third quarter of 2021, the total revenues increased by 37.9% to RMB48.8 billion from RMB35.4 billion for the same period of 2020. Food delivery and in-store, hotel & travel segments realized solid growth, with an aggregate operating profit of RMB4.7 billion from these segments in the third quarter of 2021, up from RMB3.6 billion for the same period of 2020; while operating loss from the new initiatives and others segment expanded, as we continued to invest in areas that would bring long-term value to the Company. As a result, both adjusted EBITDA and adjusted net profit experienced negative year-over-year growth for the third quarter of 2021 and turned to negative RMB4.1 billion and adjusted net loss RMB5.5 billion, respectively. Net cash flows from operating activities turned to an outflow of RMB4.0 billion in the third quarter of 2021 from an inflow of RMB3.3 billion for the same period of 2020. We had cash and cash equivalents of RMB50.9 billion and short-term treasury investments of RMB70.0 billion as of September 30, 2021, compared to the balances of RMB71.4 billion and RMB51.1 billion as of June 30, 2021, respectively.

The in-store, hotel & travel segment posted steady growth, despite impact from the Delta Variant and macro economic environment during the quarter. Revenue increased by 33.1% year-overyear to RMB8.6 billion in the third quarter of 2021. Operating profit increased 35.8% to RMB3.8  billion in the third quarter of 2021 from RMB2.8 billion in the same period of 2020, with operating margin increasing slightly to 43.9% from 43.0%.

The hotel booking business was heavily affected by the Delta Variant and travel restrictions.Nevertheless, quarterly domestic room nights grew positively compared to the same periods in 2019 and 2020. The company said it solidified its structural advantage in short-haul travel scenarios and localized accommodations, while leveraging promotional campaigns and packaged deals to enhance consumer mindshare. 

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TAGS: Meituan | financial results
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