Local services and food delivery giant Meituan Dianping has reported its first quarterly net profit since its blockbuster IPO in Hong Kong a year ago.

The company booked a net profit of 876 million yuan ($123.7 million) in the three months ending June 30, compared to a net loss of 7.72 billion yuan in the same period last year. This bumped the company into profit-making territory for the first half, despite a net loss in the first quarter of this year.

Meituan’s revenue in the second quarter was 22.7 billion yuan, up 50.6% from a year ago.

In the year since its Hong Kong listing, Meituan has had to rein in spiraling costs from its bike-sharing investment, while stumbling in its efforts to expand into ride-hailing.

But the company’s core food delivery business remains strong, with the number of food delivery orders increasing 34.6% to 2.1 billion yuan in the second quarter and gross profit from food delivery increasing 102.8% to 2.9 billion yuan in the same period from a year ago, according to Meituan’s results announcement.

Contact reporter Teng Jing Xuan (jingxuanteng@caixin.com)

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