BEIJING, Nov. 20, 2017 /PRNewswire/Korea IT Times -- Bitauto Holdings Limited ("Bitauto" or the "Company") (NYSE: BITA), a leading provider of internet content & marketing services, and transaction services for China's fast-growing automotive industry, today announced its unaudited financial results for the third quarter ended September 30, 2017[1].
Bitauto Third Quarter 2017 Highlights
- Revenue in the third quarter of 2017 was RMB2.34 billion (US$352.4 million), a 53.7% increase from the corresponding period in 2016.
- Gross profit in the third quarter of 2017 was RMB1.51 billion (US$227.4 million), a 54.0% increase from the corresponding period in 2016.
- Loss from operations in the third quarter of 2017 was RMB433.3 million (US$65.1 million), compared to a loss from operations of RMB13.1 million (US$2.0 million) in the corresponding period in 2016. The increased loss was mainly due to newly granted options by Yixin to its employees in the third quarter of 2017.
- Non-GAAP income from operations in the third quarter of 2017 was RMB266.2 million (US$40.0 million), a 66.7% increase from the corresponding period in 2016.
- Net loss in the third quarter of 2017 was RMB510.2 million (US$76.7 million), compared to a net loss of RMB47.4 million (US$7.1 million) in the corresponding period in 2016.
- Non-GAAP net income in the third quarter of 2017 was RMB231.8 million (US$34.8 million), a 78.5% increase from the corresponding period in 2016.
- Basic and diluted net loss per ADS in the third quarter of 2017 was RMB8.83 (US$1.33) and RMB8.84 (US$1.33), respectively.
- Non-GAAP basic and diluted net income per ADS in the third quarter of 2017 was RMB1.70 (US$0.26) and RMB1.56 (US$0.23), respectively.
Mr. William Li, chairman and chief executive officer of Bitauto said, "Bitauto continued to make solid progress across our business lines in the third quarter of 2017, with total revenue up 53.7% year-over-year to RMB2.34 billion. With our ongoing efforts across Bitauto's three key enhancement areas for 2017 – traffic and content, conversion rate, and monetization – continuing to pay off, we remain optimistic about our performance for the full year and beyond."
Mr. Andy Zhang, president of Bitauto, said, "Yixin's Hong Kong IPO is an important milestone for both Yixin and Bitauto. Yixin's listing will broaden its access to capital, talent and business opportunities while feeding back into the Bitauto value chain across China's auto consumption market. The net proceeds from the global offering will provide Yixin with additional resources to further strengthen our transaction services business and marketing initiatives."
"Driven by our seamless integrated omni-channel operational capabilities and strong data analytics capabilities, Yixin's platform business continues to gain traction with both our business partners and auto consumers. In the third quarter, Yixin generated approximately 140,000 automobile retail and auto related transactions. Yixin's monthly active users reached 51 million in September 2017, and among Yixin's network of over 15,000 dealership stores, there were 100 Yixin experience stores nationwide as of September 30, 2017. We are pleased to see Yixin's platform business increasingly contribute to both revenue and profit in the third quarter of this year as we unlock the potential of our platform business."
Ms. Cynthia He, chief financial officer of Bitauto, said, "As transaction services maintained strong momentum, growing 145.7% year-over-year to RMB1.05 billion, we saw steady pickup in our advertising and subscription services business which grew 19.3% to RMB1.07 billion, largely due to increases in spending from automakers and dealers and the number of dealer customers. We will continue to build up our business to create long-term value for our shareholders."
