Business
Senmiao Technology Announces Unaudited Financial Results for its Third Fiscal Quarter Ended December 31, 2019
Senmiao Technology's Automobile Business Expands Through First Nine Months of Fiscal Year as Company Discontinues P2P Business CHENGDU, China, Feb. 14, 2020
About this update from Senmiao Technology Limited
[{"type":"text","content":"Senmiao Technology's Automobile Business Expands Through First Nine Months of Fiscal Year as Company Discontinues P2P Business\n\n\n CHENGDU, China, Feb. 14, 2020 /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 third fiscal quarter ended December 31, 2019.\nThird Quarter of Fiscal 2020 Highlights\nTotal revenues increased by 2,212% year-over-year to $2,745,579 from $118,736 Revenue from automobile transaction and related services business expanded to $13,643,429 in first nine months of fiscal 2020 Earnings per share of $0.03 for continuing operations in first nine months of fiscal 2020 versus loss per share of $0.04 in the same period last year\"The discontinuation of our online peer-to-peer lending operations will allow us to effectively focus our resources on the current automobile financing facilitation and transaction business, which remained profitable through the first nine months of this fiscal year,\" commented Xi Wen, Chairman, Chief Executive Officer and President of Senmiao. \"Due to a general industry year-end slowdown, there was a seasonal decrease in our facilitation of new automobile purchases this quarter but we continued to capitalize on strategic opportunities in cities like Chengdu and Changsha where we are expanding our business. Looking ahead, in light of the Chinese New Year holidays and the current coronavirus outbreak in China, we anticipate that the fourth fiscal quarter will be a challenging one. However, despite extensive restrictions being put in place to combat the nationwide coronavirus outbreak, we believe that the long-term market opportunity for ride-hailing services in China remains compelling. We are developing ways to assist our ride-hailing drivers contend with the challenges posed by the outbreak. This is a difficult time for the industry and our nation, but we are confident that our company will overcome the challenges in the short-term, continue to expand our automobile business and create long-term sustainable value for our shareholders.\"\nRevenues\nTotal revenue was $2,745,579 for the quarter ended December 31, 2019, an increase of $2,626,843, or 2,212% as compared with the quarter ended December 31, 2018, primarily due to Senmiao's signifi...