BEIJING (dpa-AFX) - Uxin Ltd. (UXIN), a Chinese used car retailer, Monday said it expects positive adjusted EBITDA in its third quarter, after reporting narrower net loss in its second quarter.
In the pre-market trading, UXIN is up 3.01% to trade at $6.50.
For the three months ending in December, the company expects total revenues to be within the range of RMB560 million to RMB580 million.
The company also anticipates retail transaction volume to be within the range of 7,800 units to 8,100 units from October to December, representing over 150 percent year-over-year increase.
For the second quarter, the net loss narrowed to RMB60.84 million or $8.6 million from a loss of RMB335.9 million last year.
On a per share basis, the company reported a breakeven, compared to loss of RMB0.24 in the previous year.
The adjusted net loss narrowed to RMB45.18 million or $6.4 million from a loss of RMB48.33 million last year.
On a per share basis, the company reported a breakeven, compared to loss of RMB0.03 in the previous year.
The adjusted EBITDA loss narrowed to RMB9.17 million or $1.3 million from loss of RMB45.91 million in the previous year.
The total revenue increased to RMB497.2 million or $70.8 million from RMB356.1 million in 2023.
Further, Uxin has announced a change in the fiscal year end from March 31 to December 31, making its financial reports match global standards and to be easier to compare with other companies.
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