PINTEC Announces Third Quarter 2018 Unaudited Financial Results

Author: PINTEC | 2018-11-28

Beijing, November 28, 2018 -- Pintec Technology Holdings Limited (NASDAQ: PT) (“PINTEC” or the “Company”), a leading independent technology platform enabling financial services in China, today announced its unaudited financial results for the third quarter ended September 30, 2018.

Third Quarter 2018 Financial Highlights

  • Total revenues were RMB246.8 million (US$35.9 million), an increase of 43.4% year-over-year from RMB172.1 million in the same period of 2017.

  • Gross profit increased by 120.8% year-over-year to RMB125.8 million (US$18.3 million). Gross margin expanded to 51.0% from 33.1% in the same period of 2017.

  • Operating profit was RMB24.0 million (US$3.5 million) compared to an operating loss of RMB9.8 million in the same period of 2017.

  • Net income was RMB3.4 million (US$0.5 million) compared to a net loss of RMB19.1 million in the same period of 2017.

  • Adjusted net income was RMB15.1 million (US$2.2 million) compared to an adjusted net loss of RMB11.3 million in the same period of 2017.

Mr. Wei Wei, Chief Executive Officer of PINTEC, commented, “We successfully completed our initial public offering in October 2018, despite recent market volatilities. In the third quarter of 2018, we continued to provide our artificial intelligence and big data powered fintech solutions and tools to our institutional clients. We continued to optimize our services for our financial and business partners while expanding our capabilities to reach and cover more institutional clients. We established strategic partnerships with an influential domestic financial group and a large international financial group where we provided them with our lending solutions. We believe these services will enable us to deepen our relationship with financial partners and generate stable revenue streams in the long term. In addition, we are actively engaging other licensed financial institutions for potential partnerships and making meaningful progress in our overseas expansion plan. Going forward, we will continue to diversify our revenue sources, reduce our market risks, and sustain our profitable growth. We are confident that we have the management team, technology and strategy in place to thrive under any market condition.”

Mr. Steven Sim, Chief Financial Officer of PINTEC, stated, “During the third quarter of 2018, we grew our total revenues by 43.4% and gross profit by 20.8% year-over-year. Also, our adjusted net income increased to RMB15.1 million from a net loss of RMB11.3 million in the same period of 2017. Although our delinquency rate increased under the impact of softening consumer spending and increasing regulatory uncertainties, we are confident that we will be able to keep it within a manageable range by tightening our credit risk control mechanism. Going forward, we will continue to invest in our core technology competence, minimize our exposure to market risks, and maximize our value to our business and financial partners as well as our shareholders.”


Source Link