Fang Announces Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results

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: ir@fang.com

Fang Holdings Limited
Unaudited Condensed Consolidated Balance Sheets
(in thousands of U.S. dollars, except share data and per share data)
ASSETS		December 31,	December 31,
		2020	2019
Current assets:
Cash and cash equivalents		130,055	105,282
Restricted cash, current		278,854	219,096
Short-term investments		91,587	194,720
Accounts receivable, net		95,246	66,379
Funds receivable		4,924	8,372
Prepayments and other current assets		37,054	31,509
Commitment deposits		201	188
Loans receivable, current		90,909	60,490
Amounts due from related parties		673	644
Total current assets		729,503	686,680
Non-current assets:
Property and equipment, net		713,599	695,457
Deferred tax assets		3,698	6,570
Deposits for non-current assets		497 Werbung Mehr Nachrichten zur Fang Holdings ADR Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 16.05.24 - PR Newswire Redde Northgate Plc - Transaction in Own Shares 16.05.24 - PR Newswire Invesco Select Trust Plc - Change of Name 16.05.24 - PR Newswire Norges Bank - Form 8.3 - UK Commercial Property REIT Limited