Meituan Dianping reports 1.7 billion yuan loss in first quarter operating revenue

SHANGHAI - China's service-focused e-commerce giant Meituan Dianping reported a loss of 1.7 billion yuan ($238 million) in operating revenue in the first quarter of this year.

The total operating revenue in the first three months fell by 12.6 percent year-on-year to 16.8 billion yuan, due to the impact of the novel coronavirus, according to an announcement of the unaudited consolidated results of the company.

Both of Meituan Dianping's major businesses, food delivery and in-store, hotel and travel, were severely affected by the COVID-19 epidemic.

From January to March, the daily average number of food-delivery transactions dropped by 18.2 percent year-on-year to 15.1 million, while revenue of food delivery decreased by 11.4 percent year-on-year to 9.5 billion yuan during the period.

Revenues of in-store, hotel and travel businesses decreased by 31.1 percent year-on-year to 3.1 billion yuan.

The company reported growth in its new initiatives, including a grocery retail business, of 4.9 percent year-on-year to 4.2 billion yuan in the first quarter.

Chen Shaohui, CFO of the company, said the company's focus this year is to help the platform's merchants resume their business gradually.