China's Meituan swings to profit, beats expectations on food delivery rebound

SHANGHAI: Chinese food delivery giant Meituan on Thursday posted a bigger-than-expected 33.4 per cent rise in second-quarter revenue, defying a slowing Chinese economy.

Last year's April-June quarterly results were hit by China's COVID-19 containment measures, which included a strict two-month lockdown in Shanghai that made the city largely inaccessible to delivery services. Revenue from core local commerce, which includes food delivery and non-food delivery service Meituan Instashopping, rose 39.2 per cent to 51.2 billion yuan.Quarterly revenue from Meituan's in-store, hotel booking, and travel sector businesses"grew robustly" in the quarter as China's domestic travel sector rebounds, the company said in its earnings report.

Earlier this year, Meituan expanded to Hong Kong with new food delivery business KeeTa. It initially launched in Mong Kok and Tai Kok Tsui, but this week flagged its expansion to more districts. The company has previously said it intends to have KeeTa available across all of Hong Kong by the end of the year.

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