Bitauto’s Q1 revenue was 1.74 billion yuan, down 36% YoY

On June 12, Bitauto.com released its financial report for the first quarter ended March 31, 2020.

On June 12, Bitauto.com released its financial report for the first quarter ended March 31, 2020.

The financial report shows that in the first quarter of 2020, Bitauto’s operating income was 1.738 billion yuan, compared with 2.735 billion yuan in the same period last year, a year-on-year decline of 36.3%.

Its gross profit was 1.109 billion yuan, compared with 1.669 billion yuan in the same period last year; its net loss was 1.279 billion yuan, and its net profit in the same period last year was 92.8 million yuan.

In response, Zhang Xuan, Bitauto’s CEO, said that the outbreak of the epidemic and the corresponding prevention and isolation measures led to a significant year-on-year decline in new car sales in the first quarter of 2020, and its advertising business and transaction service business were also affected by this. But he mentioned that despite the challenging external environment, Bitauto’s core operating indicators have maintained steady growth.

Given the seasonality of the business and the possible impact of exchange rates, Bitauto expects operating revenue to be between 1.850 billion yuan and 1.950 billion yuan in the second quarter of 2020.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/06/14/bitauto-s-q1-revenue-was-1-74-billion-yuan-down-36-yoy/.

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