Second quarter results of century internet: net loss of 14.4 million us dollars narrowed by 20 % year on year

www.techweb.com.cn/it/2018-08-17/2695...

NASDAQ:VNET today released unaudited results for the second quarter of its 2018 fiscal year ended June 30, Beijing time. Revenue for the second quarter was 828.3 million yuan ($125.2 million), up 11.4 percent from a year earlier, and a net loss of 95.5 million yuan ($14.4 million), down 19.9 yuan from 119.3 million yuan a year earlier, according to results.

Data compiled by Yahoo! finance and economics show that revenues and earnings per share of century internet in the second quarter were lower than expected, dragging down stock prices by more than 12 % in after-hours trading.

Share price performance:

Qq screenshot 20180817090906

Century Internet shares fell 12% after the market

The opening price of century Internet on the NASDAQ Exchange was $9.04 on Thursday. By the end of Thursday, the stock price of century Internet has increased by 0.43 US dollars, closing at 9.45 US dollars, or 4.77%. Century Internet shares fell $1.15 to $8.30, or 12.17%, in after-hours trading at 17:01 a.m. ET (5:01 a.m. Beijing time) Thursday. In the past 52 weeks, the highest price of century Internet is $11.54, the lowest is $4.18.

Second quarter performance highlights:

Net revenue was 828.3 million yuan ($125.2 million), up 11.4 percent from 743.4 million yuan a year earlier, mainly due to growing demand from new and old customers.

Gross profit was 229.4 billion yuan ($34.7 million), up 3.6 percent from 221.4 billion yuan in the same period last year, and gross profit margin was 27.7 percent, down 2.1 percentage points from 29.8 percent in the same period last year.

—— excluding depreciation, amortization and equity incentive expenses, the adjusted cash gross profit was 364 million yuan ( about 55 million us dollars ), up 14.4 % from 318.2 million yuan in the same period last year. The adjusted cash gross profit margin was 43.9 %, up 1.1 % from 42.8 % in the same period of last year.

—— the total operating expenses were 177.9 million yuan ( about 26.9 million us dollars ), up 3.0 % from 172.7 million yuan in the same period last year. the operating expenses accounted for 21.5 % of the net revenue, down 1.7 % from 23.2 % in the same period last year. The adjusted operating expenses were 116.9 million yuan ( about 24.5 million us dollars ), up 1.2 % from 160 million yuan in the same period last year.

-- Adjusted EBITDA was 221.1 million yuan (US$33.4 million), up 29.1% from 171.3 million in the same period of last year; adjusted EBITDA margin was 26.7% , an increase of 3.7 percentage points from 23.0% in the same period of last year;

- the net loss was 95.5 million yuan ( about 14.4 million us dollars ), which was 19.9 % smaller than the net loss of 119.3 million yuan in the same period last year.

- the basic and diluted loss per common stock is 0.14 yuan ( about 0.02 us dollars ), which is equivalent to the basic and diluted loss of 0.84 yuan ( about 0.12 us dollars ) per American depositary stock ( ads ); Each ads represents 6 common shares;

-- As of June 30, 2018, Century Connect's cash, cash equivalents, restricted cash and short-term investments totaled 2.66 billion yuan (US$401.6 million); net cash from operating activities in the second quarter was 1.114. 100 million yuan (about 16.8 million US dollars).

Outlook for the third quarter:

Century interconnection expects net revenue of $840 million to $860 million in the third quarter and adjusted EBITDA of $230 million to $250 million.

Based on the first half of fiscal year 2018, Century Interconnection also raises the full-year revenue and adjusted EBITDA outlook for fiscal year 2018. Century interconnection now expects annual net revenue of $3.28 billion to $3.38 billion, and adjusted EBITDA of $800 million to $880 million. (compile / rain)

Century interconnection quarterly financial results net loss of $14.40 million compared with the same period last year narrowed by 20%.

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