China’s Fang emerges from difficult third quarter
28 Nov 2016
Fang Holdings (NYSE: SFUN), operator of one of China’s top real estate sites, just emerged from a difficult third quarter. However, it remained profitable, and its managers are confident they’ll be able to pull the business on its feet.
“This quarter was one of the toughest quarters in Fang’s history,” said Vincent Mo Tianquan, founder, chairman and CEO of Fang, on Nov. 28 in his comment of the company’s Q3 financial results. “Our transformation, coupled with the market regulations by the government were very challenging.
“Transformation is never easy, but we are determined, and optimizing the operations. The company achieved operational profitability, and we are confident of turning it around,” he said.
Total revenue of $250 million U.S. was generated in Q3, which was one percent higher than the $249 million generated in Q3 of FY2015. Growth was primarily driven by e-commerce services, and held back by a drop in revenue from marketing services.
Operating income amounted to $200,000 in Q3, after an operating loss of $32 million in the corresponding period of FY2015. The net loss attributable to Fang’s shareholders in the quarter was $4.9 million and the fully diluted loss per ADS was $0.01.
Fang adjusted its total revenue guidance for FY2016 down to $928 million from $1.1 billion, for a year-on-year increase of 5 percent.
For further details, go to: http://www.prnewswire.com/news-releases/fang-announces-third-quarter-2016-results-300368810.html