Group Reports Q3 Revenue of $832.34 Million

Chinese travel services platform Group released its unaudited financial report for the third quarter of 2021 on Thursday. The report shows that, according to the U.S. Generally Accepted Accounting Principles (GAAP), the firm’s net revenue in the third quarter was 5.3 billion yuan ($832.34 million), down 2% year-on-year. The net loss attributable to its shareholders was 849 million yuan, compared with a net profit of 1.6 billion yuan in the same period of the previous year.

In the revenue portfolio, the revenue of its accommodation reservation business was 2.2 billion yuan, a year-on-year decrease of 11% and a month-on-month decrease of 11%. The revenue of transportation ticketing business was 1.8 billion yuan, down 5% year-on-year and 12% month-on-month. The revenue of tourism and holiday business was 392 million yuan, a year-on-year increase of 20% and a month-on-month increase of 7%, mainly due to the increased demand for leisure travel in July this year before the emergence of new variants of COVID-19 caused a spike in cases.

The revenue from the company’s business travel management business was 338 million yuan, a year-on-year increase of 20%, mainly due to the expansion of the company’s customer base and the optimization of its product portfolio. Its revenue was down 13% on a month-on-month basis, mainly due to the discovery of new cases of COVID-19 in some areas of China. also announced that the company has repurchased $500 million of bonds due in 2025 from Hillhouse Capital and Booking in August and September 2021. The company did not provide any fourth quarter performance outlook in its financial report. Group held the 2021 Global Partner Summit in Macau in early December. At the summit, James Liang, Chairman and Co-founder of the company, outlined his views on the recovery process of international tourism. He believes that the global vaccination rate will continue to rise, and therefore more countries and regions will open their borders, and international travel will also open up in the near future.

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