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Meituan Dianping posts 3rd consecutive quarterly loss since Hong Kong IPO

Meituan Dianping reported wider adjusted net losses for the first quarter of 2019, marking the company's third consecutive quarterly loss since going public in 2018.

For the three months to March 31, the e-commerce and service-booking company, posted an adjusted net loss of 1.04 billion yuan. That loss is narrower than the S&P Global Market Intelligence consensus estimate for an adjusted net loss of 2.06 billion yuan, with four analysts reporting. But the first-quarter 2019 figure is 6% wider than the loss of 980.8 million yuan the company posted in the year-ago period.

Revenues jumped 70.1% year over year to 19.17 billion yuan from 11.28 billion yuan a year ago. Its food delivery segment's revenue grew 51.7% to 10.71 billion yuan. The company's in-store, hotel and travel division's sales rose 43.2% to 4.49 billion yuan. Its new initiatives segment's revenue rose 267.8% to 3.98 billion yuan.

Selling and marketing expenses during the quarter accounted for 19.3% of the company's total revenue, compared to 25.2% in the first quarter of 2018. Meanwhile, its first-quarter adjusted EBITDA was positive for 458.9 million yuan, versus a loss of 1.12 billion yuan a year ago.

The e-commerce platform's total gross transaction volume increased by 27.9% to 138.4 billion yuan from 108.2 billion yuan in the year-ago period, driven by growth across all its segments.

As of May 22, US$1 was equivalent to 6.91 Chinese yuan.