Meituan shares climb despite drop in food delivery revenue

Business | 26 May 2020 12:18 pm

Shares in Chinese food delivery platform, Meituan Dianping (3690) climbed by 8.35 percent at HK$136.30 in Hong Kong at midday today.

The company said adjusted net loss in the first quarter narrowed by 79.4 percent to 216.34 million yuan (HK$235 million) from a year before. This excludes items such as share-based compensation expenses and fair-value changes.

The two core businesses were both hit hard by the coronavirus pandemic in mainland China. Revenue of food delivery dropped by 11.4 percent on year to 9.5 billion yuan, while the daily average number of food-delivery transactions fell by 18.2 percent year on year to 15.1 million.

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