Meituan Q2 Adjusted Profit Up 69% to RMB2.524 Billion, Revenue RMB104.643 Billion
Meituan reported a 69% year-on-year increase in adjusted profit to RMB2.524 billion for the second quarter ended June 30, with revenue rising 14.38% to RMB104.643 billion. Core local commerce operating profit turned positive at RMB5.7 billion, while new initiatives narrowed losses to RMB1.7 billion. Shares rose 3.6% intraday to HK$80.3.
Meituan (03690) announced its second-quarter results for the period ended June 30, reporting an adjusted profit of RMB2.524 billion, up 69% year on year. Net profit reached RMB2.155 billion, a 4.9-fold increase from a year earlier, while revenue grew 14.38% to RMB104.643 billion. Following the announcement, the company's shares rose as much as 3.6% to HK$80.3 during trading on August 31. By 9:58 a. m. , the stock was trading at HK$79.7, up 2.8%, with turnover exceeding HK$1.74 billion.
By segment, core local commerce revenue reached RMB71.5 billion in the second quarter, up 10.1% year on year, with improved profitability in on-demand delivery services and operating profit turning positive at RMB5.7 billion. New initiatives revenue totaled RMB33.1 billion, up 25% year on year, while the segment's operating loss narrowed to RMB1.7 billion.