PR Newswire
BEIJING
,
March 26, 2021
/PRNewswire/ — Fang Holdings Limited (NYSE: SFUN) (“Fang” or the “Company”), a leading real estate Internet portal in
China
, today announced its unaudited financial results for the fourth quarter and fiscal year ended
December 31, 2020
.
Fourth Quarter 2020 Highlights
-
Total revenues
were
$56.5 million
, an increase of 14.6% from
$49.3 million
in the corresponding period of 2019. -
Operating income from continuing operations
was
$5.9 million
, compared to an operating loss from continuing operations of
$21.0 million
in the corresponding period of 2019. -
Net loss
was
$76 thousand
, compared to a net loss of
$26.2 million
in the corresponding period of 2019.
Fiscal Year 2020 Highlights
-
Total revenues
were
$216.2 million
, a decrease of 1.6% from
$219.7 million
in 2019. -
Operating income from continuing operations
was
$32.7 million
, an increase of 31.4% from
$24.9 million
in 2019. -
Net loss
was
$6.5 million
, compared to a net loss of
$10.3 million
in 2019.
Fourth Quarter 2020 Financial Results
Revenues
Fang reported total revenues of
$56.5 million
in the fourth quarter of 2020, an increase of 14.6% from
$49.3 million
in the corresponding period of 2019.
-
Revenue from marketing services
was
$30.1 million
in the fourth quarter of 2020, an increase of 59.1% from
$18.9 million
in the corresponding period of 2019. -
Revenue from listing services
was
$9.7 million
in the fourth quarter of 2020, a decrease of 23.1% from
$12.7 million
in the corresponding period of 2019, mainly due to the decrease in the number of paying customers. -
Revenue from leads generation services
was
$11.5 million
in the fourth quarter of 2020, a decrease of 20.0% from
$14.4 million
in the corresponding period of 2019. -
Revenue from financial services
was
$3.9 million
in the fourth quarter of 2020, an increase of 175.9% from
$1.4 million
in the corresponding period of 2019, mainly due to the increase in average loan receivable balance.
Cost of Revenue
Cost of revenue was
$3.5 million
in the fourth quarter of 2020, a decrease of 13.2% from
$4.1 million
in the corresponding period of 2019, primarily due to the optimization in cost structure.
Operating Expenses
Operating expenses were
$42.2 million
in the fourth quarter of 2020, a decrease of 38.3% from
$68.4 million
in the corresponding period of 2019.
-
Selling expenses
were
$16.4 million
in the fourth quarter of 2020, a decrease of 37.8% from
$26.3 million
in the corresponding period of 2019, mainly due to the decrease in staff cost and promotional expense. -
General and administrative expenses
were
$25.8 million
in the fourth quarter of 2020, a decrease of 38.6% from
$42.1 million
in the corresponding period of 2019, mainly due to the decrease in staff related costs.
Operating income/(loss) from Continuing Operations
Operating income from continuing operations was
$5.9 million
in the fourth quarter of 2020, compared to operating loss from continuing operations of
$21.0 million
in the corresponding period of 2019.
Change in Fair Value of Securities
Change in fair value of securities for the fourth quarter of 2020 was a loss of
$2.3 million
, compared to a loss of
$3.5 million
in the corresponding period of 2019, mainly due to the fluctuation in market price of investments in equity securities.
Income Tax Benefits
Income tax benefits were
$4.2 million
in the fourth quarter of 2020, an increase of 24.3% from
$3.4 million
in the corresponding period of 2019.
Net Loss
Net loss was
$76 thousand
in the fourth quarter of 2020, compared to a net loss of
$26.2 million
in the corresponding period of 2019.
Fiscal Year 2020 Financial Results
Revenues
Fang reported total revenues of
$216.2 million
for 2020, a decrease of 1.6% from
$219.7 million
in 2019.
-
Revenue from marketing services
was
$109.1 million
for 2020, an increase of 15.2% from
$94.6 million
in 2019. -
Revenue from listing services
was
$44.2 million
for 2020, a decrease of 30.4% from
$63.5 million
in 2019, mainly due to the decreased number of paying members in listing services. -
Revenue from leads generation services
was
$47.8 million
for 2020, an increase of 10.4% from
$43.3 million
in 2019, driven by the increase in effectiveness of services and customer acceptance. -
Revenue from financial services
was
$9.1 million
for 2020, a decrease of 5.0% from
$9.6 million
in 2019.
Cost of Revenue
Cost of revenue was
$17.6 million
for 2020, a decrease of 37.7% from
$28.3 million
in 2019, primarily due to optimization in cost structure.
Operating Expenses
Operating expenses were
$163.4 million
for 2020, a decrease of 5.6% from
$173.1 million
in 2019.
-
Selling expenses
were
$59.2 million
for 2020, a decrease of 19.6% from
$73.7 million
in 2019. -
General and administrative expenses
were
$104.1 million
for 2020, an increase of 4.7% from
$99.4 million
in 2019.
Operating Income from Continuing Operations
Operating income from continuing operations was
$32.7 million
for 2020, an increase of 31.4% from
$24.9 million
in the corresponding period of 2019.
Change in Fair Value of Securities
Change in fair value of securities for 2020 was a loss of
$26.2 million
, compared to a loss of
$46.1 million
in 2019, mainly due to the fluctuation in market price of investments in equity securities.
Income Tax Benefits
Income tax benefits were
$4.5 million
for 2020, a decrease of 53.1% from
$9.5 million
in 2019, mainly due to the effect of change in fair value of equity securities.
Net Loss
Net loss was
$6.5 million
for 2020, compared to a net loss of
$10.3 million
in 2019.
Business Outlook
Based on current operations and market conditions, Fang’s management predicts a positive net income for the year of 2021, which represents management’s current and preliminary view and is subject to change.
Conference Call Information
Fang’s management team will host a conference call on
March 26, 2021
at
8:00 AM
U.S. Eastern Time (
8:00 PM
Beijing/
Hong Kong
time). The dial-in details for the live conference call are:
International Toll
: +65 67135600
Toll-Free/Local Toll
:
United States +1 877-440-9253 / +1 631-460-7472
Hong Kong +852 800-906-603 / +852 3018-6773
Mainland China +86 800-820-5506 / +86 400-120-0948
Direct Event Passcode 1578624#
Please register
in advance of
the conference using the link provided below. Upon registering, you will be provided with participant dial-in numbers, Direct Event passcode (1578624#) and unique registrant ID. Get prompted 10 min prior to the start of the conference. Enter the Direct Event Passcode above (1578624#), and your unique Registrant ID, followed by the pound or hash (#) sign to join the call.
Direct Event online registration
:
http://apac.directeventreg.com/registration/event/8574127
A telephone replay of the call will be available after the conclusion of the conference call from
11:00 AM ET
on
March 26, 2021
through
8:59 AM ET
April 3, 2021
. The dial-in details for the telephone replay are:
International Toll
: +61 2-8199-0299
Toll-Free/Local Toll
:
United States +1 855-452-5696 / +1 646-254-3697
Hong Kong +852 800-963-117 / +852 3051-2780
Mainland China +86 400-602-2065 / +86 800-870-0206
Conference ID: 8574127
A live and archived webcast of the conference call will be available on Fang’s website at
http://ir.fang.com
.
About Fang
Fang operates a leading real estate Internet portal in
China
in terms of the number of page views and visitors to its websites. Through its websites, Fang provides primarily marketing, listing, leads generation and financial services for
China’s
fast-growing real estate and home furnishing and improvement sectors. Its user-friendly websites support active online communities and networks of users seeking information on, and other value-added services for, the real estate and home furnishing and improvement sectors in
China
. Fang currently maintains approximately 74 offices to focus on local market needs and its website and database contains real estate related content covering 665 cities in
China
. For more information about Fang, please visit
http://ir.fang.com
.
Safe Harbor Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as “will,” “expects,” “is expected to,” “anticipates,” “aim,” “future,” “intends,” “plans,” “believes,” “are likely to,” “estimates,” “may,” “should” and similar expressions, and include, without limitation, statements regarding Fang’s future financial performance, revenue guidance, growth and growth rates, market position and continued business transformation. Such statements are based upon management’s current expectations and current market and operating conditions, and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond Fang’s control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Potential risks and uncertainties include, without limitation, the impact of Fang’s business development strategies, the impact of the COVID-19 pandemic, and the impact of current and future government policies affecting
China’s
real estate market. Further information regarding these and other risks, uncertainties or factors is included in Fang’s filings with the U.S. Securities and Exchange Commission. Fang does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.
For investor and media inquiries, please contact:
Ms.
Jessie Yang
Investor Relations Director
Email:
[email protected]
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View original content:
http://www.prnewswire.com/news-releases/fang-announces-fourth-quarter-and-fiscal-year-2020-unaudited-financial-results-301256651.html
SOURCE Fang Holdings Limited
