By Ronnie Harui

Meituan said Monday that its third-quarter profit more than quadrupled, thanks to fair-value gains on its investment in listed entities.

Profit jumped to 6.32 billion yuan ($960.9 million), compared with CNY1.33 billion a year earlier, the Chinese company said. Revenue increased to CNY35.4 billion from CNY27.5 billion in the year-ago period.

The food-delivery segment's gross transaction volume climbed 36% to CNY152.2 billion in the third quarter, while the daily average number of food-delivery transactions jumped 30% to 34.9 million, the company said.

Meituan said revenue for the in-store, hotel and travel businesses rose 4.8% to CNY6.5 billion in the third quarter. Due to effective management of Covid-19 in China and surging consumption demand during the summer period, gross transaction volume for its in-store segment notched positive growth in the quarter from a year ago.

Write to Ronnie Harui at ronnie.harui@wsj.com

(END) Dow Jones Newswires

11-30-20 0426ET