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Pintec Technology (NASDAQ:PT) announced its unaudited financial results for the third quarter ended September 30, 2018 highlighting an 43.4 percent revenue increase. The company reported revenues of RMB 246.8 million (US$35.9 million) for the third quarter of 2018 as compared to RMB 172.1 million in the same period of 2017. As quoted in the press …
Pintec Technology (NASDAQ:PT) announced its unaudited financial results for the third quarter ended September 30, 2018 highlighting an 43.4 percent revenue increase.
The company reported revenues of RMB 246.8 million (US$35.9 million) for the third quarter of 2018 as compared to RMB 172.1 million in the same period of 2017.
As quoted in the press release:
Third Quarter 2018 Financial Highlights:
- Gross profit increased by 120.8% year-over-year to RMB125.8 million (US$18.3 million). Gross margin expanded to 51.0% from 33.1% in the same period of 2017.
- Operating profit was RMB24.0 million (US$3.5 million) compared to an operating loss of RMB9.8 million in the same period of 2017.
- Net income was RMB3.4 million (US$0.5 million) compared to a net loss of RMB19.1 million in the same period of 2017.
- Adjusted net income1 was RMB15.1 million (US$2.2 million) compared to an adjusted net loss of RMB11.3 million in the same period of 2017.
Third Quarter 2018 Operating Highlights
- Total loan originations in the third quarter of 2018 were RMB2.7 billion (US$402.3 million), representing a decrease of 34.1% from the same period of 2017.
- Loan outstanding balance was RMB6.4 billion (US$961.4 million) as of September 30, 2018, representing an increase of 50.7% from September 30, 2017.
- Delinquency
Mr. Wei Wei, Chief Executive Officer of PINTEC, commented, “Following our successful initial public offering in October 2018, and despite the recent market volatilities, our artificial intelligence and big data powered fintech solutions and tools continued to provide value to our institutional clients. Our strong third quarter performance resulted from the constant optimization of our services for our financial and business partners and the expansion of our capabilities to reach and cover more institutional clients. We established strategic partnerships with an influential domestic financial group and a large international financial group where we provided them with our lending solutions.”