UPDATE 3-Chinese food delivery firm Meituan posts first quarterly profit since listing [Reuters]
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Source: Reuters
Chinese food delivery firm Meituan posts first quarterly profit since listing - Reuters 3 Min Read BEIJING/SHANGHAI (Reuters) - China’s Meituan Dianping ( 3690.HK ), an online food delivery-to-ticketing company, posted its first quarterly profit as a listed firm as a surge in summer food delivery orders helped it beat competition from rivals including Alibaba-backed Ele.me. Meituan, backed by Chinese gaming giant Tencent Holdings Ltd ( 0700.HK ), said profit increased to 875.8 million yuan ($123.66 million) in the three months ending June 30, compared with a loss of 7.72 billion yuan in the year-ago period, its first profit since listing last September. Analysts on average expected the company to report a quarterly loss of 1.45 billion yuan, according to I/B/E/S data from Refinitiv. The results were driven by the company’s food delivery segment, which accounts for more than half of its revenue, as it also achieved positive adjusted operating profit for the first time, said chairma
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