Business
Meten Holding Group Ltd. Announces Financial Results for the Third Quarter and the Nine Months Ended September 30, 2021
SHENZHEN, China, Nov. 22, 2021 /PRNewswire/ -- Meten Holding Group Ltd. ("Meten Holding Group" or the "Company") (NASDAQ: METX), one of the leading
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[{"type":"text","content":"SHENZHEN, China, Nov. 22, 2021 /PRNewswire/ -- Meten Holding Group Ltd. (\"Meten Holding Group\" or the \"Company\") (NASDAQ: METX), one of the leading omnichannel English language training (\"ELT\") service providers in China, today announced its unaudited financial results for the third quarter and the nine months ended September 30, 2021.\nQ3 2021\n9M 2021\nRMB (m)\nYoY (%)\nRMB (m)\nYoY (%)\nGross billings\n133.1\n(41.8%)\n481.1\n(6.4%)\nRevenues\n187.9\n(36.9%)\n599.2\n(10.4%)\nGeneral adult ELT\n40.7\n(64.3%)\n187.0\n(17.7%)\nOnline ELT\n76.4\n0.3%\n208.6\n(10.3%)\nOverseas training services\n42.7\n(6.0%)\n119.6\n38.4%\nJunior ELT\n24.8\n(58.7%)\n73.1\n(36.5%)\nGross Profit\n64.0\n(49.1%)\n201.0\n(7.0%)\nGross Profit Margin \n34.1%\n-8.2 ppts\n33.5%\n1.2 ppts\nAdjusted net loss[1]\n(170.8)\n(364.8%)\n(299.6)\n(31.9%)\n[1] Non-GAAP measure. For more information about non-GAAP financial measures, please see the section captioned \"About Non-GAAP Financial Measures\" at the end of this press release.\nHighlights\n3Q 2021 revenue decreased 36.9% year-on-year to RMB187.9 million (US$29.2 million), 9M 2021 revenue decreased 10.4% year-on-year to RMB599.2 million (US$93.0 million), primarily as a result of the resurgence of COVID-19 and a reduction in the number of offline learning centers. 3Q 2021 gross profit decreased 49.1% year-on-year to RMB64.0 million (US$9.9 million), primarily as a result of the decline in gross billings. Gross profit margin decreased 8.2 percentage points year-on-year to 34.1%. 9M 2021 gross profit decreased 7.0% year-on-year to RMB201.0 million (US$31.2 million). Gross profit margin increased 1.2 percentage points year-on-year to 33.5%. As of September 30, 2021, Meten Holding Group had 64 learning centers in operation. To optimize the layout of offline centers, the Company closed another 38 offline learning centers by the end of the third quarter of 2021. 3Q 2021 adjusted net loss increased 364.8% year-on-year to RMB170.8 million (US$26.5 million). 9M 2021 adjusted net loss increased 31.9% year-on-year to RMB299.6 million (US$46.5 million).Alan Peng, Chief Executive Officer of Meten Holding Group commented:\n\"In the third quarter of 2021, we have significantly reduced the number of our offline learning centers to effectively reduce the impact of the resurgence of the Covid-19 pandemic on our offline b...