Meituan Dianping quarterly net loss widens

Business | 25 May 2020 6:35 pm

Chinese food deliveries provider Meituan Dianping (3690) said adjusted net loss in the first quarter narrowed 79.4 percent to 216.34 million yuan (HK$235 million) from a year before, beating market expectations.

Net losses widened 10.2 percent year-on-year to 1.57 billion yuan in the first quarter. Revenue decreased 12.6 percent year-on-year to 16.75 billion yuan in the first three months.

Revenue from food delivery fell 11.4 percent year-on-year to 9.49 billion yuan in the first quarter. Revenues from in-store, hotel and travel plunged 31.1 percent to 3.09 billion yuan in the first quarter.

"As some of consumer demand continued to be negatively impacted by hygiene concerns and quarantine measures, the ongoing closure of universities, and work-from-home policies that applied to many of our high frequency consumers, the order volume still had not fully recovered to its normal levels by the end of March 2020. As a result, the order volume of our food delivery business experienced negative year-over-year growth, with the daily average number of food delivery transactions decreasing by 18.2 percent year-over-year to 15.1 million," the company said.

Meituan Dianping rose 6.16 percent to HK$125.8 on Monday.

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