Business
Senmiao Technology Reports Financial Results for Fourth Fiscal Quarter and Fiscal Year 2019
CHENGDU, China, July 3, 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, July 3, 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 financial results for the fiscal fourth quarter and fiscal year ended March 31, 2019.\nFourth Quarter of Fiscal Year 2019 Highlights\nTotal revenues increased by 1,477.6% year-over-year to $2,514,672 from $159,399 Revenues from automobile transaction and related services accounted for 96.7% while revenue from online lending services accounted for 3.3% of total revenues, reflecting a positive transition of Senmiao's primary business model away from the highly regulated peer-to-peer lending sector in China Gross profit increased by 340.7% year-over-year to $702,485 from $159,399 Net loss decreased by 76.5% year-over-year to $2,053,864 from $8,747,832 Loss per share decreased by $0.32 year-over -year to $0.08 from $0.40 Sold 212 automobiles, facilitated and serviced 259 new automobile purchase transactions and provided management and guarantee services to over 1,000 automobilesFull Year of Fiscal Year 2019 Highlights\nTotal revenues increased by 490.2% year-over-year to $2,921,063 from $494,897 Revenues from automobile transaction and related services accounted for 87.3% while revenue from online lending services accounted for 12.7% of total revenues Gross profit increased by 124.1% year-over-year to $1,108,876 from $494,897 Net loss decreased by 53.9% year-over-year to $4,542,525 from $9,858,972Xi Wen, Chairman, Chief Executive Officer and President of Senmiao, stated \"With total revenues increasing by 1,477.6% to more than $2.5 million and gross profit increasing by 340.7% to $0.7 million, both record high since our inception in 2017, our financial results for the fourth quarter of fiscal year 2019 marked the positive commencement and expansion of our new automobile transaction business and serve as a validation of our transformation from an online lending marketplace to a more diversified financial service company in China. Our automobile transaction and related services business (which we entered as a result of our acquisition of Hunan Ruixi Financial Leasing Co., Ltd. (or Hunan Ruixi) in November 2018...