BEIJING, March 16, 2015 (GLOBE NEWSWIRE) -- Qunar Cayman Islands Limited (Nasdaq:QUNR) China's leading online and mobile travel platform, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2014.
Highlights for the Fourth Quarter and Fiscal Year 2014
Fourth Quarter 2014
Total revenues for the fourth quarter of 2014 were RMB519.8 million (US$83.8 million), an increase of 107.1% year-on-year.
Mobile revenues for the fourth quarter of 2014 were RMB257.5 million (US$41.5 million), an increase of 400.7% year-on-year, representing 49.5% of total revenues and 52.3% of pay-for-performance ("P4P") revenues, compared to 20.5% and 22.6%, respectively, in the corresponding period of 2013.
Total Estimated Flight Ticket volume (TEFT) and Total Estimated Hotel Room-night volume (TEHR) for the fourth quarter of 2014 were 24.6 million and 8.9 million, respectively, an increase of 61.8% and 107.7% year-on-year.
Fiscal Year 2014
Total revenues for fiscal year 2014 were RMB1,756.8 million (US$283.1 million), an increase of 106.5% year-on-year.
Mobile revenues for fiscal year 2014 were RMB708.7 million (US$114.2 million), an increase of 434.9% year-on-year, representing 40.3% of total revenues and 42.5% of P4P revenues, compared to 15.6% and 17.2%, respectively, in fiscal year 2013.
Total Estimated Flight Ticket volume (TEFT) and Total Estimated Hotel Room-night volume (TEHR) for fiscal year 2014 were 83.9 million and 32.1 million, respectively, an increase of 64.0% and 98.1% year-on-year.
"We finished a remarkable 2014, our first year as a public company, with the third consecutive quarter of over 100% year-on-year revenue growth," said Chenchao (CC) Zhuang, chief executive officer and co-founder of Qunar. "We achieved robust revenue growth in the fourth quarter across all our business lines, driven by strong volume gains in both TEFT and TEHR, and healthy quarter-on-quarter increases in revenue per ticket and revenue per room night.
"Mobile continued to be the key driver of our business," Mr. Zhuang added. "In Q4, for the first time mobile contributed about half of our total revenues and accounted for 46% of TEFT, and 70% of TEHR. We will continue our strategy to further grow our mobile user base as well as increase our user frequency."
"We are pleased with the return on our investments in technology and product sourcing throughout 2014," said Sam Sun, chief financial officer of Qunar. "Direct sales accounted for 66% of our total hotel volume for the quarter. We will continue to execute on our plan and to drive Qunar's long-term growth with an aggressive and deliberate investment approach."
Fourth Quarter 2014 Financial Results
Total revenues for the fourth quarter of 2014 were RMB519.8 million (US$83.8 million), an increase of 107.1% year-on-year and 3.7% quarter-on-quarter. Mobile revenues for the fourth quarter of 2014 were RMB257.5million (US$41.5 million), an increase of 400.7% year-on-year, representing 49.5% of total revenues. Pay-for-performance ("P4P") revenues for the fourth quarter of 2014 were RMB492.5 million (US$79.4 million), an increase of 116.9% year-on-year and 3.4% quarter-on-quarter.
Gross profit for the fourth quarter of 2014 was RMB382.1 million (US$61.6 million), an increase of 90.9% year-on-year. Gross margin for the fourth quarter of 2014 was 73.5%, compared to 79.8% for the corresponding period of 2013 and 72.4% for the third quarter of 2014. The year-on-year increase in gross profit during the quarter was primarily due to the significant increase in total revenues, and was partially offset by an increase in online payment processing fees, recorded in cost of revenues, which the Company began to incur in the first quarter of 2014.
Operating loss for the fourth quarter of 2014 was RMB666.6 million (US$107.4 million), compared to RMB100.7 million in the corresponding period of 2013 and RMB575.1 million in the third quarter of 2014.
Fiscal Year 2014 Financial Results
Total revenues for fiscal year 2014 were RMB1,756.8 million (US$283.1 million), an increase of 106.5% year-on-year. Mobile revenues for fiscal year 2014 were RMB708.7 million (US$114.2 million), an increase of 434.9% year-on-year, representing 40.3% of total revenues. P4P revenues for fiscal year 2014 were RMB1,666.7 million (US$268.6 million), an increase of 115.9% year-on-year.
Gross profit for fiscal year 2014 was RMB1,301.9 million (US$209.8 million), an increase of 92.1% year-on-year. Gross margin for fiscal year 2014 was 74.1%, compared to 79.6% for 2013. The year-on-year increase in gross profit was primarily due to the significant increase in total revenues, and was partially offset by an increase in online payment processing fees, recorded in cost of revenues, which the Company began to incur in the first quarter of 2014.
Operating loss for fiscal year 2014 was RMB1,844.8 million (US$297.3 million), compared to RMB153.5 million for 2013.
Business Outlook
For the first quarter of 2015, the Company expects year-on-year revenue growth in the range of 85% to 90%. This forecast reflects Qunar's current and preliminary view, which is subject to change.
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