(MENAFN- Baystreet.ca)
Fang Holdings Limited (NYSE:SFUN) lost ground Monday, on the release of first-quarter numbers.
The Beijing-based real estate Internet portal in China, today announced total revenues were $51.9 million, a decrease of 19.8% from $64.7 million in the corresponding period of 2018, mainly due to the decline in revenues from listing and e-commerce services.
Operating loss was $2.0 million. Non-GAAP income from operations was $0.04 million, compared to operating loss of $3.9 million in the corresponding period of 2018, caused by the decline of operating expenses.
Net income attributable to Fang's shareholders was $13.4 million, which was primarily due to gains from the change in fair value of equity securities of $32.1 million, offset by the income tax expense of $12.6 million and interest expenses of $6.0 million U.S.. Earnings per ADS was $0.03.
Non-GAAP net loss attributable to Fang's shareholders was $9.9 million. Non-GAAP net loss per ADS was $0.03. Based on current operations and market conditions, Fang's non-GAAP net income is expected to be profitable for the fiscal year ending December 31, 2019.
These estimates represent management's current and preliminary view, which are subject to change
Adjusted EBITDA was $6.9 million.
Through its websites, Fang provides primarily marketing, listing, financial and value-added 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 value-added services for, the real estate and home furnishing and improvement sectors in China
Fang shares gained 3.1 cents, or 3.8%, in New York to open at 86 cents
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