China’s Tongcheng Travel saw first-half revenue slide 19% on year amid Covid outbreaks

 

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Chinese online travel service provider Tongcheng Travel, said its revenue reached 3.04 billion yuan in the first half of the year, sliding 19.1% from a year earlier.

Adjusted EBITDA plunged 24.9% year over year to 730.7 million yuan. Adjusted EBITDA margin fell to 24.1% from 25.9% in the same period in 2021.

Total transaction volume on Tongcheng platform fell 26.6% on year in the first half of the year to 56.7 billion yuan.

Average monthly active users declined by 13.6% in the first half from a year earlier to 221.2 million and the average number of paying users fell by 4.9% to 28.9 million. As of the end June, the number of paying users had reached 19.65 million, rising 8% from the same period last year.

In the second quarter, average active monthly users reached 198 million and the average number of paying users reached 26.1 million. Tongcheng Travel’s revenue reached 1.32 billion yuan in the second quarter, with revenue from hospitality revenue reaching 544 million yuan, accounting for 41.2% of its total revenue.