BEIJING, May 6, 2024 /PRNewswire/ -- Pintec Technology Holdings Limited (Nasdaq: PT) revealed its unaudited financial results for the first half of 2023. The company, known for providing technology-enabled financial and digital services to the micro, small, and medium enterprises ecosystem, shared insights from the past six months.
Mr. Zexiong Huang, Chief Executive Officer and acting Chief Financial Officer of Pintec, highlighted the company's dedication during the challenging economic landscape. He stated, "Amidst the sluggish macroeconomic recovery, during the first half of 2023, we persistently focused on our core strategy. We continued to provide loan services and digital solutions to micro, small and medium enterprises ('MSME') ecosystem, as a direct lender, facilitator and enabler."
Looking ahead, Huang emphasized their commitment to executing the MSME ecosystem strategy, focusing on technology innovation, risk management, customer attraction, partnership strength, operational refinement, business expansion, and cost-effective initiatives.
Regarding the financial results, the company reported a decrease in total revenues, a rise in cost of revenues, and a decrease in gross profit for the first half of 2023 compared to the same period in 2022. Despite a decrease in loss from operations, the net loss for the first half of 2023 was recorded at RMB46.30 million, showcasing a decrease from the previous year.
In efforts to address financial challenges, Pintec secured a line of credit facility with a third-party institution amounting up to US$40 million. However, uncertainties in the capital markets and operational industry pose challenges for the company's future financial stability.
The company also highlighted the use of adjusted net income/loss as a supplemental measure to evaluate its operating performance, emphasizing the importance of assessing results without the impact of certain expenses.
Pintec's dedication to providing exceptional digitization services and financial products to its partners and clients remains steadfast as they navigate the evolving financial landscape in China.
For more information, visit ir.pintec.com.
SOURCE Pintec Technology Holdings Limited