Qunar total revenues for the fourth quarter of 2014 were RMB519.8 million (US$83.8 million), an increase of 107.1% year-on-year. Mobile revenues were RMB257.5 million (US$41.5 million), an increase of 400.7% year-on-year, representing 49.5% of total and 52.3% of pay-for-performance (“P4P”) revenues, compared to 20.5% and 22.6%, respectively, in the corresponding period of 2013.
Total Estimated Flight Ticket volume (TEFT) and Total Estimated Hotel Room-night volume (TEHR) for the fourth quarter of 2014 were 24.6 million and 8.9 million, respectively, an increase of 61.8% and 107.7% year-on-year.
Qunar’s Performance in Fiscal Year 2014
Qunar’s total revenues for fiscal year 2014 were RMB1,756.8 million (US$283.1 million), an increase of 106.5% YoY. Mobile revenues for fiscal year 2014 were RMB708.7 million (US$114.2 million), an increase of 434.9% YoY, representing 40.3% of total revenues. P4P revenues for fiscal year 2014 were RMB1,666.7 million (US$268.6 million), an increase of 115.9% year-on-year.
Among the P4P revenues, flight and flight-related revenues for fiscal year 2014 were RMB1,171.2 million (US$188.8 million), an increase of 112.5% year-on-year. Year-on-year P4P flight and flight-related revenue growth were primarily due to a 64.0% increase in TEFT and a 29.6% increase in revenue per ticket.
P4P hotel revenues were RMB347.3 million (US$56.0 million), an increase of 79.0% year-on-year. Year-on-year P4P hotel revenue growth was primarily due to a 98.1% increase in TEHR and a 9.7% decrease in revenue per room night.
Gross profit for fiscal year 2014 was RMB1,301.9 million (US$209.8 million), an increase of 92.1% year-on-year. Gross margin for fiscal year 2014 was 74.1%, compared to 79.6% for 2013. The year-on-year increase in gross profit was primarily due to the significant increase in total revenues, and was partially offset by an increase in online payment processing fees, recorded in cost of revenues, which the Company began to incur in the first quarter of 2014.
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