Chinese P2P Lender Hexindai Announces Unaudited Third Quart of Fiscal Year 2019 Financial Results

Chinese peer-to-peer lending platform Hexindai (NASDAQ: HX) announced on Thursday its unaudited financial results for the quarter ended December 31, 2018. According to Hexindai, fiscal year refers to the 12 months ended on March 31st. 

Hexindai reported that Third Quarter of Fiscal Year 2019 Operational Highlights are the following:

  • Total loan volume facilitated was US$29.1 million (RMB0.2 billion) during the third quarter of fiscal year 2019, a decrease of 92.2% from the third quarter of fiscal year 2018.
  • Gross billing amount (net of VAT) was US$2.6 million during the third quarter of fiscal year 2019, a decrease of 94.1% from the third quarter of fiscal year 2018.
  • Gross billing ratio (net of VAT) for credit loans was 9.1% during the third quarter of fiscal year 2019, a decrease from 12.1% during the third quarter of fiscal year 2018.
  • Number of borrowers was 1,771 during the third quarter of fiscal year 2019, a decrease of 94.5% from the third quarter of fiscal year 2018.
  • Number of investors was 20,325 during the third quarter of fiscal year 2019, a decrease of 64.9% from the third quarter of fiscal year 2018.

Third Quarter of Fiscal Year 2019 Unaudited Financial Highlights

  • Net revenue was US$1.9 million during the third quarter of fiscal year 2019, a decrease of 95.6% from the third quarter of fiscal year 2018.
  • Operating expenses were US$13.1 million during the third quarter of fiscal year 2019, an increase of 11.7% from the third quarter of fiscal year 2018.
  • Net loss was US$9.6 million during the third quarter of fiscal year 2019, compared to net income of US$26.9 million in third quarter of fiscal year 2018.
  • Basic loss per common share in the third quarter of fiscal year 2019 was US$0.20, compared to basic earnings per common shares (“EPS”) of US$0.58 in third quarter of fiscal year 2018.
  • Diluted loss per common share in the third quarter of fiscal year 2019 was US$0.20, compared to diluted EPS of US$0.52 in third quarter of fiscal year 2018.
  • Adjusted net loss (Non-GAAP) in the third quarter of fiscal year 2019 was US$9.2 million, compared to adjusted net income (Non-GAAP) of US$27.6 million in the third quarter of fiscal year 2018.
  • Adjusted EBIT (Non-GAAP) in the third quarter of fiscal year 2019 was (US$10.0) million, compared to US$32.5 million in the third quarter of fiscal year 2018.

Speaking about the company’s progress, Xinming Zhou, CEO of Hexindai, stated:

“A challenging market environment continued to impact our business during the quarter. Things are gradually improving however as we have begun to see the environment improve as regulations are clarified and financially weaker and fraudulent firms are gradually weeded out. While our top line continued to decrease significantly on a year-over-year basis, our business has begun improving on a sequential basis following the cost cutting initiatives we put in place during the quarter and re-shifting our focus from loan transfer services back to new loan products as the market rebuilds.”

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