Printer Friendly

Yintech reports Q1 2018 revenues of RMB 268.5m.

M2 EQUITYBITES-June 11, 2018-Yintech reports Q1 2018 revenues of RMB 268.5m

(C)2018 M2 COMMUNICATIONS http://www.m2.com

China-based Yintech Investment Holdings Limited (NASDAQ: YIN) a provider of investment and trading services, has announced for the first quarter of 2018, it generated revenues of RMB 268.5 million (USD 42.8 million), compared to RMB 386.1 million for the previous quarter, the company said.

Net commissions and fees from securities services were RMB45.1 million (USUSD 7.2 million), an increase of 246.9% compared to the previous quarter.

Net commissions and fees for the quarter were RMB242.6 million (USD 38.7 million), compared to RMB1,053.5 million in the same quarter last year and RMB286.7 million in the previous quarter.

Net commissions and fees from commodities services for the quarter were RMB197.5 million (USD 31.5 million), a decrease of 27.8% from the previous quarter, primarily as a result of the decrease in customer trading volume. Customer trading volume was RMB499.5 billion (USD 79.6 billion) during the quarter, a decrease of 30.3% from the previous quarter.

Net commissions and fees from securities services for the quarter were RMB45.1 million (USD 7.2 million), an increase of 246.9% from the previous quarter, mainly due to the consolidation of Forthright Securities and an organic growth of securities advisory and securities information platform business.

Expenses for the quarter were RMB309.1 million (USD 49.3 million), a decrease of 51.0% from RMB630.4 million in the same quarter last year and a decrease of 26.6% from RMB421.4 million in the previous quarter. The decreases were mainly due to cost control measures implemented on advertising and promotion expenses, as well as variable components of employee compensation and benefits.

Net loss for the quarter was RMB63.1 million (USUSD 10.1 million), compared to net income of RMB376.1 million in the same quarter last year and net loss of RMB63.6 million in the previous quarter.

Net loss attributable to Yintech for the quarter was RMB50.3 million (USUSD 8.0 million), compared to net income of RMB381.3 million in the same quarter last year and net loss of RMB54.6 million in the previous quarter.

Diluted loss per ADS for the quarter was RMB0.69 (USD 0.11), compared to diluted earnings per ADS of RMB5.14 in the same quarter last year and diluted loss per ADS of RMB0.72 in the previous quarter.

Non-GAAP net loss attributable to Yintech for the quarter was RMB29.1 million (USUSD 4.6 million), compared to net income of RMB397.4 million in the same quarter last year and net income of RMB61.4 million in the previous quarter.

Non-GAAP diluted loss per ADS for the quarter were RMB0.40 (USUSD 0.06), compared with non-GAAP diluted earnings per ADS of RMB5.36 in the same quarter last year and non-GAAP diluted earnings per ADS of RMB0.81 in the previous quarter.

Yintech (NASDAQ: YIN) provides financial information, investment tools and services to its customers by leveraging financial technology and mobile platforms. Currently, Yintech is focused on the provision of gold and other commodities trading services, securities advisory services, securities information platform services, overseas securities trading services and asset management services.

((Comments on this story may be sent to info@m2.com))
COPYRIGHT 2018 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2018 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Article Type:Financial report
Date:Jun 11, 2018
Words:565
Previous Article:BMO Financial reports USD 1.246m in Q2 2017 net income.
Next Article:AGNC Investment closes public offering of common stock.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters