Business
Sentage Holdings Inc. Announces Financial Results for the First Six Months of Fiscal Year 2021
Shanghai, China, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Sentage Holdings Inc. (the “Company”, “we”, “our”) (Nasdaq: SNTG), a financial service provider that offers
About this update from Sentage Holdings Inc.
[{"type":"text","content":"Shanghai, China, Dec. 21, 2021 (GLOBE NEWSWIRE) -- Sentage Holdings Inc. (the “Company”, “we”, “our”) (Nasdaq: SNTG), a financial service provider that offers a comprehensive range of financial services across consumer loan repayment and collection management, loan recommendation, and prepaid payment network services in China, today announced its financial results for the first six months of fiscal year 2021 ended June 30, 2021. The following summarizes such financial results. Financial Highlights for the First Six Months of Fiscal Year 2021 ●Total operating revenue was $1.32 million in the six months ended June 30, 2021, compared with $1.73 million for the same period of last year, representing a 24.0% decrease, primarily due the decreased number of outstanding service agreements under the consumer loan repayment and collection management business, and mitigated by increased revenue from the loan recommendation business and prepaid payment network services business. ●Net income was $0.45 million in the six months ended June 30, 2021, compared with $0.73 million for the same period of last year. ●Basic and diluted earnings per share was $0.04 in the six months ended June 30, 2021, compared with $0.07 for the same period of last year. COVID-19 Impact Our business operations have been, and may continue to be, affected by the ongoing COVID-19 pandemic. Although the impact of COVID-19 on our operating results and financial performance for fiscal year 2020 and for the six months ended June 30, 2021 were temporary, a resurgence and the continued uncertainties associated with COVID-19 may negatively impact our future revenue and cash flows. A COVID-19 resurgence may again give rise to economic downturns and other significant changes in regional and global economic conditions, which could have an adverse impact on the real estate market in the Shanghai area and other first-tier cities we target, decreasing the total loan amount borrowers are able to obtain through our services, reducing our service fees, which in each instance is based on the specific loan amount, and adversely impacting our revenue from the loan recommendation business. In addition, borrowers’ default and delinquency risks might increase as they experience unemployment or a reduction in income. Higher default and delinquency risks may increase our operating costs and r...