Fang Holdings, one of the leading internet real estate portals in China, has announced its un-audited financial results for Q2 2017.
Second Quarter 2017 Highlights
- Total revenues were $110.1 million, a decrease of 61.6% from the corresponding period in 2016.
- Operating loss was $6.1 million. Non-GAAP operating loss was $3.8 million.
Net loss attributable to Fang’s shareholders was $2.1 million. Fully diluted loss per ADS was $0.005.
- Non-GAAP net loss attributable to Fang’s shareholders was $5.8 million. Non-GAAP fully diluted loss per ADS was 0.01.
- Net cash generating from operating activities was $23.1 million in the second quarter of 2017, compared to net cash generated from operating activities of $36.5 million in the same period of 2016.
Through its websites, Fang provides e-commerce, marketing, listing, financial and other value-added services for China’s fast-growing real estate and home furnishing and improvement sectors.
Its second quarter results for 2017 indicate a decrease in revenue of 61.6% from the corresponding period in 2016 which the company attributes to the decline in e-commerce services’ revenue by $166.7 million. They attribute this to a change in strategy, which the company’s CEO and chairman, Vincent Mo, alluded to in the company press release.
“We have experienced our biggest downsizing and consolidation since a year ago,” Mo said. “Our transformation back to a technology-driven open platform is reaching its goals; we expect to be back on track and profitable in the second half of the year.”
Source: Seeking Alpha