Fang Holdings Ltd (NYSE:SFUN) issued its unaudited financial report for the fiscal quarter closed September 30, 2017. Revenue came at $112.2 million in Q3 2017 compared to $250.1 million in the same period of 2016, mainly due to the drop in e-commerce activities revenue by 150.8 million. Vincent Mo, the CEO and Chairman, expressed that post seven non-profit quarters, he is delighted that Fang has begun to turn profitable. With their underway focus on transformation back to a technology-led open platform model, he is assured that Fang will return to a healthy and sustainable growth track.
The highlights
As of the close of September 30, 2017, Fang Holdings recorded short-term investments and cash/cash equivalents of $543.3 million versus $590.5 million as of the close of December 31, 2016. Net cash recorded from operating activities came at $57.8 million in Q3 2017, versus $76.8 million in the comparable period of 2016. The drop of cash recorded from operating activities was mainly due to the reclassification of specific loan receivable to investment activities over the third quarter of 2016.
Fang Holdings is progressing with its transformation to a technology-led open platform model and anticipates a profitable fourth quarter. This anticipation does not assume considerable adverse market development during Q4 2017 and exhibits company’s preliminary and current views, which are subject to change.
Income tax expenses came at $4.1 million in Q3 2017 versus income tax expenses of $8 million in the same period of 2016. Net income attributable to company’s shareholders stood at $15.2 million in Q3 2017 versus net loss of $4.9 million in the comparable period of 2016. ADS and EPS came at $0.03 and $0.16 in Q3 2017, compared to loss of $0.01 and $0.05, respectively, in the same period of 2016.
In the last trading session, the stock price of Fang declined more than 5% to close the day at $4.70.
