Jupai Holdings (JP) Reports Q3 Loss of $0.19

Jupai Holdings (NYSE: JP) reported Q3 EPS of ($0.19). Revenue for the quarter came in at $25.5 million.

• Net revenues in the third quarter of 2019 were RMB182.1 million (US$[1]25.5 million), a decrease of 41.4% from the corresponding period in 2018. For the first nine months of 2019, net revenues were RMB649.0 million (US$90.8 million), a decrease of 45.3% from the same period in 2018.
• Loss from operations in the third quarter of 2019 was RMB40.2 million (US$5.6 million), as compared to income from operations of RMB27.3 million for the corresponding period in 2018. For the first nine months of 2019, loss from operations was RMB107.2 million (US$15.0 million), as compared to income from operations of RMB340.1 million for the same period in 2018.
• Net loss attributable to ordinary shareholders in the third quarter of 2019 was RMB47.9 million (US$6.7 million), as compared to net income attributable to ordinary shareholders of RMB1.7 million for the corresponding period in 2018. For the first nine months of 2019, net loss attributable to ordinary shareholders was RMB134.5 million (US$18.8 million), as compared to net income attributable to ordinary shareholders of RMB205.4 million for the same period in 2018.
• Non-GAAP[2] net loss attributable to ordinary shareholders in the third quarter of 2019 was RMB45.5 million (US$6.4 million), as compared to non-GAAP net income attributable to ordinary shareholders of RMB25.5 million for the corresponding period in 2018. For the first nine months of 2019, non-GAAP net loss attributable to ordinary shareholders was RMB126.8 million (US$17.7 million), as compared to non-GAAP net income attributable to ordinary shareholders of RMB267.1 million for the same period in 2018.
• Non-GAAP net loss attributable to ordinary shareholders per diluted ADS for the third quarter of 2019 was RMB1.35 (US$0.19), as compared to non-GAAP net income attributable to ordinary shareholders per diluted ADS of RMB0.73 for the corresponding period in 2018. For the first nine months of 2019, non-GAAP net loss attributable to ordinary shareholders per diluted ADS was RMB3.77 (US$0.53), as compared to non-GAAP net income attributable to ordinary shareholders per diluted ADS of RMB7.60 for the same period in 2018.

"We saw improved operating performance in the third quarter of 2019 even as the market environment remained challenging," said Mr. Jianda Ni, Jupai's chairman of the board and chief executive officer. "Concerns over a slowdown in overall economic growth and international trade conflicts continue to impact investor confidence. However, the aggregate value of wealth management products distributed by Jupai during the third quarter of 2019 increased quarter-over-quarter by 6% from RMB2.5 billion to RMB2.7 billion, as our wealth management products backed by high-quality real estate projects gained traction in the market. In addition, our bottom line results for the quarter were enhanced by our ongoing cost control efforts."

"We remain cautiously optimistic about Jupai's outlook for the coming quarters as we have seen a gradual loosening of restrictions on privately-offered funds over the past several months. Looking ahead, we remain dedicated to executing on our three strategies to expand Jupai's market share. Firstly, leveraging our superior industry expertise, we will continue to develop high-quality real estate equity products with attractive risk-return profiles. Secondly, we will further enhance our risk control systems in order to increase investor confidence. Thirdly, we will seek potential growth opportunities in our overseas business."

Ms. Min Liu, Jupai's chief financial officer, said, "Jupai succeeded in reducing our operating expenses on a sequential basis in the third quarter of 2019. In particular, we lowered our cost of revenue and G&A expenses through streamlining operations and enhancing operating efficiency."

For earnings history and earnings-related data on Jupai Holdings (JP) click here.

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