Business
Senmiao Technology Announces Unaudited Financial Results for First Quarter of Fiscal Year 2020
CHENGDU, China, Aug. 14, 2019 /PRNewswire/ -- Senmiao Technology Limited (NASDAQ: AIHS) ("Senmiao"), a provider of automobile transaction and related services
About this update from Senmiao Technology Limited
[{"type":"text","content":"CHENGDU, China, Aug. 14, 2019 /PRNewswire/ -- Senmiao Technology Limited (NASDAQ: AIHS) (\"Senmiao\"), a provider of automobile transaction and related services and an operator of an online lending marketplace connecting Chinese investors with individual and small-to-medium-sized enterprise borrowers in China, today announced its unaudited financial results for the quarter ended June 30, 2019.\nFirst Quarter of Fiscal 2020 Highlights\nTotal revenues increased by 3,975% year-over-year to $5,094,440 from $125,026 Gross profit increased by 758% year-over-year to $1,072,128 from $125,026 Loss per share decreased by 50% year-over -year to $0.02 from $0.04\"We had a great start to our fiscal year 2020 with a strong performance from our automobile transaction and related services business during the first quarter. Thanks to the Ruixi acquisition that gave us a unique opportunity to capitalize on the growing ride-sharing market in 2nd and 3rd tier cities in China, like Chengdu and Changsha, we are very pleased with the continued momentum in automobile transaction and related services,\" commented Xi Wen, Chairman, Chief Executive Officer and President of Senmiao. \"With revenues more than doubled and turning a profit from the prior quarter, our automobile transaction and related services continued to drive the overall growth of both top- and bottom-lines of the Company and our strategic transformation from a single revenue stream online lending marketplace to a more diversified financial services company. We are optimistic about the growth prospects of our business and looking forward to improving financial performances in coming quarters.\" \nRevenues\nTotal revenues were $5,094,440 for the quarter ended June 30, 2019, an increase of $4,969,414, or 3,975% as compared with the quarter ended June 30, 2018, primarily due to Senmiao's significant ramp up of its automobile transaction and related services business. \nRevenue from automobile transaction and related services was $5,012,563, accounting for 98.4% of total revenue. This compares with $2,432,371 in the fourth quarter of the previous year when Senmiao commenced its automobile transaction and related services business in late November 2018.\nRevenue from online lending services decreased by $43,149 during the quarter ended June 30, 2019, as compared to the quarter ended June 30, 20...