Hey, car rental Q3 net revenue for RMB 220.1 million growth 48.4%

Beijing Time December 11 Evening News, a Hey car rental today released the third quarter of the fiscal year 2014 as at September 30, net revenue of 220.1 million yuan (about 35.9 million U.S. dollars), compared with the same period last year, 148.3 million yuan to increase 48.4%. Net loss for human

Beijing Time December 11 Evening News, a Hey car rental today released the third quarter of the fiscal year 2014 as at September 30, net revenue of 220.1 million yuan (about 35.9 million U.S. dollars), compared with the same period last year, 148.3 million yuan in the increase of 48.4%. The net loss was 26.9 million yuan (about 4.4 million U.S. dollars), while the net loss was 38.7 million yuan a year earlier.

Third quarter Performance Summary:

Net revenue was 220.1 million yuan (about 35.9 million U.S. dollars), up 48.4% from the 148.3 million yuan a year earlier.

Based on non-US GAAP, EBITDA (earnings before tax depreciation and amortization) was 76.4 million yuan (about 12.4 million U.S. dollars), up 291.4% per cent from the 19.5 million yuan a year earlier. The EBITDA margin was 34.7%, up 163.8% from 13.2% a year earlier.

The net loss was 26.9 million yuan (about 4.4 million U.S. dollars), while the net loss was 38.7 million yuan a year earlier.

The fleet was 18,159 vehicles, up 59.9% from 11,359 a year earlier.

The average available vehicle size is 16,419 vehicles, up 60.3% from 10,241 units a year earlier.

The taxi utilization rate is 70.3%, each available vehicle revenue (REVPAC) is RMB 146 yuan.

Third quarter performance analysis:

Net revenue was 220.1 million yuan (about 35.9 million U.S. dollars), up 48.4% from the 148.3 million yuan a year earlier. Revenue growth is mainly attributable to the growth of car rentals and auto service revenues.

Revenue from the car rental business was 155.5 million yuan (about 25.3 million U.S. dollars), up 57.9%. Mainly thanks to the growth of the average available vehicle size.

Revenue from auto services was 64.6 million yuan (about 10.5 million US dollars), up 29.6% per cent year-on-year. Mainly thanks to the company's current and new enterprise customer demand growth.

Vehicle operating expenses of 183 million yuan (about 29.8 million U.S. dollars), an increase of 29.6%. Mainly known for the increase in labor, insurance and depreciation costs.

Sales, general services and administrative expenses of 42.3 million yuan (about 6.9 million U.S. dollars), an increase of 3%. Mainly by the staff related to the cost of knowledge.

Operating loss of 5 million yuan (about 800,000 U.S. dollars), while operating losses in the same period last year 32.8 million yuan (about 5.3 million U.S. dollars).

The net loss was 26.9 million yuan (about 4.4 million U.S. dollars), while the net loss was 38.7 million yuan a year earlier.

Based on non-US GAAP, EBITDA (earnings before tax depreciation and amortization) was 76.4 million yuan (about 12.4 million U.S. dollars), up 291.4% per cent from the 19.5 million yuan a year earlier. Mainly thanks to the growth of fleet size. The EBITDA margin was 34.7%, up 163.8% from 13.2% a year earlier.

Results of the first 9 months of this year:

Net revenue of 604.7 million yuan (about 98.5 million U.S. dollars), the year-on-year growth of 47.8%. Revenue growth is mainly due to the fleet size, geographical expansion and new and old user demand growth.

Revenue from the car rental business was 423.1 million yuan (about 68.9 million U.S. dollars), up 54.6%. Mainly thanks to the growth of the average available vehicle size.

Revenue from Auto Services was 181.6 million yuan (about 29.6 million US dollars), up 34.1% per cent year-on-year. Mainly thanks to the company's current and new enterprise customer demand growth.

Vehicle operating expenses of 499 million yuan (about 81.3 million U.S. dollars), an increase of 31.6%. Mainly known for the increase in labor, insurance and depreciation costs.

During the period, the company handled 1019 second-hand cars, accounting for 600,000 yuan in the income. This fee is credited to vehicle operating expenses as a vehicle depreciation expense.

Sales, general services and administrative expenses of 114.3 million yuan (about 18.6 million U.S. dollars), down 0.9% year-on-year. Mainly benefit from cost control and marketing efficiency.

Operating profit of 4.2 million yuan (about 700,000 U.S. dollars), and a year earlier operating loss of 82.4 million yuan (about 13.4 million U.S. dollars).

The net loss was 47.6 million yuan (about 7.8 million USD), while net loss of 123.7 million yuan (about $20.2 million) was lost over a year earlier.

Based on non-US GAAP, EBITDA (earnings before tax depreciation and amortization) was 209.4 million yuan (about 34.5 million U.S. dollars), an increase of 221.2% per cent. EBITDA margins were 34.6%, compared with 15.9% a year earlier.

As of September 30, 2014, a hi-car rental cash and cash equivalent of 207.4 million yuan (about 33.8 million U.S. dollars).

Performance Outlook:

A HI car rental forecast, the 2014 fiscal year net revenue will reach RMB 840 million yuan to RMB 845 million yuan, the year-on-year growth 48.3% to 49.2%.