eLong Records Q3 2012 Loss of RMB 33 Mln
elong, 11/16/12
Chinese online travel service provider eLong (Nasdaq: LONG) has announced its financial results for the three months ended September 30, 2012. Net revenues for the third quarter increased 20% YoY to RMB 197.3 mln (USD 31.4 mln) from RMB 164.3 mln (USD 25.8 mln) in the third quarter of 2011.
Net loss for the third quarter of 2012 was RMB 33.1 mln, as compared to net income of RMB 9.4 mln during the prior year quarter.
Hotel commission revenue increased 24% YoY in the third quarter of 2012, primarily due to higher volume, partially offset by lower commission per room night. Room nights booked through eLong in the third quarter increased 70% YoY to 4.6 mln. Commission per room night decreased 27% YoY, primarily due to an increase in the size of the company's coupon program both in terms of the number of hotels and the cash-back amounts offered, as well as the growth of groupbuy and budget hotels and lower average daily rates across other hotel segments. Hotel commission revenue grew to 74% of total revenues from 72% in the prior year quarter.
Air ticketing commission revenue increased 5% YoY in the third quarter of 2012, driven by a 12% increase in air segments to 662,000, partially offset by a 7% decrease in commission per segment. Commission per segment decreased due to a lower air commission rate compared to the same quarter of 2011 as well as air segments booked using the company's new air coupon program. Air ticketing commission revenue decreased to 17% of total revenues from 19% in the prior year quarter.
Other revenue is primarily derived from advertising and travel insurance. Other revenue increased 30% YoY in the third quarter of 2012, mainly driven by increased advertising revenue. Other revenue was 9% of total revenues, consistent with the prior year quarter.
eLong currently expects net revenues for the fourth quarter of 2012 to increase by 15% to 25% compared to the fourth quarter of 2011.
To view the complete report please see here.
Keywords: hotel Internet loss revenue eLong online travel LONG Q3 2012 fiscal report online ticketing
Sending
