OneConnect (OCFT) Reports Q3 Loss of RMB0.23

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Go back to OneConnect (OCFT) Reports Q3 Loss of RMB0.23

OneConnect Announces Third Quarter Unaudited Financial Results

November 3, 2020 5:00 PM EST

Revenue Growth of 50.7% and Gross Margin Gain of 4.1ppt YoY

SHENZHEN, China--(BUSINESS WIRE)-- OneConnect Financial Technology Co., Ltd. (OneConnect or the Company) (NYSE: OCFT), a leading technology-as-a-service platform for financial institutions in China, today announced its unaudited financial results for the third quarter ended September 30, 2020.

Third Quarter 2020 Financial Highlights

Revenue increased 50.7% year-over-year to RMB881 million from RMB585 million. Gross margin expanded to 42.7% from 38.6%; non-IFRS gross margin1 expanded to 51.2% from 50.2%. Operating loss was RMB250 million, compared with RMB305 million... More