Stomach-churning

23 Nov 2018 By Robyn Mak Follow @mak_robyn

Losses at newly-listed Meituan Dianping swelled in the last quarter. Boss Wang Xing’s bets at the $43 bln takeout-to-taxis app have been costly. Confusing disclosures on the core food delivery unit also now make it harder to judge how close the outfit is to delivering a profit.

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China's Meituan Dianping, which operates an online takeout-to-taxis app, on Nov. 22 reported revenue in the three months to end-September of 19.1 billion yuan ($2.8 billion), an increase of 97 percent year on year.

Revenue from the company's core food delivery business increased 85 percent from the same period last year to 11.2 billion yuan.

Adjusted net losses, excluding fair value changes of the company's convertible redeemable preferred shares and other one-off items, was 2.5 billion yuan. That compares with an adjusted net loss of 955 million yuan in the same quarter of 2017.

The Hong Kong-listed shares of Meituan Dianping were down 8.2 percent to HK$56 during early morning trading in Hong Kong on Nov. 23.

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