Beijing News (reporter Wang Zhenzhen) On the evening of October 25, Caissa Tongsheng Development Co., Ltd. (hereinafter referred to as "Caissa Tourism") announced the third quarter report of 2021. During the reporting period, Caissa Tourism's operating income decreased by 31.29% year-on-year to RMB205 million, and net profit decreased by 18.75% year-on-year to -89.3477 million yuan. This is the seventh consecutive quarter of losses for Caesars Travel since 2020.
Caissa Tourism said in the performance forecast that with the steady increase in the domestic vaccine coverage rate, the consumption and travel willingness of Chinese people have accelerated, compared with the uncertain recovery of the inbound and outbound tourism market, the domestic tourism market is steadily developing, and caissa tourism's core business such as domestic tourism and catering has continued to recover. In addition, the company actively seeks new retail business and various businesses in Hainan to accelerate business transformation and upgrading.
In August, Caissa Tourism announced the biggest structural adjustment this year, with a new destination sector to seek transformation and development, forming a "four-wheel drive" development pattern of new retail, food, destination and tourism. Caissa Tourism said on the investor interactive platform that the establishment of the destination sector is a deep promotion of caissa tourism transformation in the post-epidemic era, and also marks a more sober industrial direction for transformation. In terms of the new retail sector, Caissa Tourism launched the coconut drink "Mi Xiao Coconut" for the retail side in July this year, and at present, the product has been launched on Tmall, JD.com and other platforms. In addition, with the help of its accumulated experience in the field of tourism retail and the cooperation resources of all parties, Caissa Tourism has laid out non-catering retail, and is currently exploring the retail service market for duty-free goods for residents on Hainan Island. In response to investors' questions about the progress of the company's layout of tax exemptions on Hainan Island, Caissa Tourism said that it is continuing to pay attention to the trend of tax exemption policies on the island and actively promoting related work.
In terms of tourism sector, Caissa Tourism has made adjustments to the tourism market, product structure and tourism services under the epidemic situation, increased investment in domestic tourism, especially the research and development of peripheral tourism and local leisure and cultural products, and also explored the development of insurance and other services.
Caissa Tourism said at the end of August that based on the current epidemic situation, it is expected that the performance in 2021 will be difficult to return to the pre-epidemic level, but there will be a large degree of improvement compared with 2020. According to the data, in the first nine months of this year, Caissa Tourism's operating income decreased by 34.32% year-on-year to 780 million yuan, and net profit decreased by 34% year-on-year to -259 million yuan.
Utrust Travel, which announced plans to merge with Caissa Travel in June this year, also continued its loss trend since 2020.
In the third quarter of this year, Utrust Tourism's revenue increased by 43.04% year-on-year to 183 million yuan, and net profit increased by 39.47% year-on-year to -82.4929 million yuan. In the first nine months of this year, Utrust's tourism revenue decreased by 64.64% year-on-year to 476 million yuan, and net profit increased by 34.29% year-on-year to -205 million yuan.
The due diligence valuation of the merger of Caissa Tourism and Utrust Travel is proceeding as planned, and under the current epidemic situation, the performance of the two listed tourism companies has not improved much. In the first nine months of this year, Caissa Tourism and Utrust Tourism lost a total of 464 million yuan.
In addition, both sides are still mired in liquidity difficulties. As of the end of the third quarter of this year, Caissa Tourism's current liabilities were 2.284 billion yuan, of which the short-term liabilities faced by Caesars Tourism in one year were 855 million yuan, while caissa Tourism's monetary funds were only 331 million yuan; the current liabilities of Utrust Tourism were 1.736 billion yuan, of which the short-term liabilities faced in one year were 639 million yuan, and the monetary funds on the account of Utrust Tourism were 480 million yuan.
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