Business
Senmiao Technology Announces Unaudited Financial Results for its Second Fiscal Quarter Ended September 30, 2019
CHENGDU, China, Nov. 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, Nov. 14, 2019 /PRNewswire/ -- Senmiao Technology Limited (NASDAQ: AIHS) (\"Senmiao\"), a provider of automobile transaction and related services in China, today announced its unaudited financial results for its second fiscal quarter ended September 30, 2019.\nSecond Quarter of Fiscal 2020 Highlights\nTotal revenues increased by 8,180% year-over-year to $5,921,166 from $71,508 Gross profit increased by 1,595% year-over-year to $1,211,982 from $71,508 Earnings per share of $0.04 versus loss per share of $0.03 in same period last year\"We have continued to capitalize on our late 2018 acquisition and subsequent development of our automobile transaction and related services business. Through our business development efforts, we have taken major steps to restructure our business to better diversify and streamline our revenue streams as we wind down our online peer-to-peer lending business, and our efforts have led to another strong quarterly performance,\" commented Xi Wen, Chairman, Chief Executive Officer and President of Senmiao. \"With our automobile transaction and related services business now accounting for almost all of our revenue, our main focus is to continue to ramp up these operations as the ride-sharing market in our areas of operation expands, particularly in the second and third tier cities in China. These developments have placed our business in an outstanding position as we posted positive earnings per share this quarter, the first since our listing on the Nasdaq last year. We believe we have laid the foundation to continue our growth as we focus on other complimentary opportunities for expanding our business.\"\nRevenues\nTotal revenue was $5,921,166 for the quarter ended September 30, 2019, an increase of $5,849,658, or 8,180% as compared with the quarter ended September 30, 2018, primarily due to Senmiao's significant ramp up of its automobile transaction and related services business (the \"Auto Business\"). \nRevenue from the Auto Business was $5,885,287, accounting for 99.4% of total revenue. This compares with $2,432,371 in the fourth quarter of the previous fiscal year and $5,012,563 in the first quarter of the current fiscal year, reflecting two consecutive quarters of strong growth in the Auto Business.\nRevenue from online lending services decreased by $35,629 during the quarter ended Septe...