Senmiao Technology reports Q3 EPS (10c) vs. (13c) last year

Reports Q3 revenue $1.6M vs. $1.7M last year. CEO Xi Wen stated, “We were pleased to see continued strength in our automobile rental business, which enabled us to achieve a significant gross margin increase and improved bottom-line results for the fiscal 2024 Q3. While the online ride-hailing platform services business recorded decreased revenues due to increased competition and compliance checks in a couple of our key markets, we are optimistic about our ability to grow the number of completed orders and improving overall operating efficiency through our recently announced partnership with Anhui Lianma Technology, a company with extensive experience in online ride-hailing platform operation in multiple cities in China. We more than doubled gross profit during the period as a result of increased revenue contributions from the automobile leasing business, and our ongoing cost-cutting initiatives have resulted in a 24.0% decrease in SG&A expenses, all of which led to a significantly improved bottom line. As we look to continue improving our operating and financial performance, we also continue to seek and assess business opportunities that will serve as catalysts for Senmiao’s business growth.”