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Market Uncertainty Impacts PINTEC’s Loan Origination Volumes
Dec. 12, 2019 08:55AM PST
Fintech InvestingThe fintech firm’s shares have dropped nearly 90 percent year-to-date amid market and regulatory uncertainties.
PINTEC Technology Holdings (NASDAQ:PT) released its unaudited financial results with a 631 percent increase in net income compared to the same time last year, reaching US$16.1 million for the time period. This took place despite a 7 percent decrease in revenues and an 18 percent drop in loans facilitated. Still, over the year, delinquency rates between 61-90 days dropped slightly compared to 2018.
As quoted in the press release:
Financial Highlights For The Nine Months Ended September 30, 2019
Total revenues decreased by 7.3% to RMB776.3 million (US$108.6 million) in the first nine months of 2019 from RMB837.4 million in the same period of 2018.
Gross profit increased by 26.3% to RMB473.7 million (US$66.3 million) in the first nine months of 2019 from RMB374.9 million in the same period of 2018. Gross margin increased to 61.0% from 44.8% in the same period of 2018.
Operating profit increased by 52.1% to RMB131.1 million (US$18.3 million) in the first nine months of 2019 from RMB86.2 million in the same period of 2018.
Net income increased by 631% to RMB115.2 million (US$16.1million) in the first nine months of 2019 from RMB15.8 million in the same period of 2018.
Adjusted net income1 increased by 225% to RMB148.1 million (US$20.7 million) in the first nine months of 2019 from RMB45.6 million in the same period of 2018.