Bitauto Hldg Ltd (NYSE: BITA) shares barely moved on Monday, on releasing second-quarter financial numbers.
Second-quarter revenue amounted to RMB1.96 billion ($276.9 million U.S.), compared to RMB2.79 billion ($395.1 million U.S.) in the corresponding period in 2019.
Gross profit was RMB1.30 billion ($184.4 million U.S.), compared to RMB1.67 billion ($236.9 million U.S.) in the corresponding period in 2019.
Net loss in the second quarter of 2020 was RMB536.4 million ($75.9 million U.S.), compared to net loss of RMB136.2 million ($19.3 million U.S.) in the corresponding period in 2019.
Bitauto refers to itself as "a leading provider of internet content & marketing services, and transaction services for China's automotive industry."
The company’s CEO Andy Zheng said, "Despite China's gradual economic recovery following the COVID-19 outbreak, the domestic automobile industry remained challenged during the second quarter of 2020 with sluggish retail passenger vehicle sales and rising dealer inventory levels. The macro situation presents both challenges and opportunities for our business.
"While weak vehicle sales and increasingly fierce competition in China's online automobile advertising sector put pressure on our advertising business, Bitauto's paying subscriber base increased slightly during the quarter, helping to drive mild revenue growth in our subscription business."
As of June 30, the Company had cash and cash equivalents and restricted cash of RMB8.61 billion ($1.22 billion U.S.). Cash used in operating activities, cash provided by investing activities, and cash used in financing activities in the second quarter of 2020 were RMB830.5 million ($117.5 million U.S.), RMB3.33 billion ($471.4 million U.S.), and RMB2.19 billion ($309.9 million U.S.), respectively.
BITA shares gained but a cent early Monday to $15.81.
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