Fang Holdings Limited Announces Unaudited Consolidated Earnings Results for Second Quarter and Six Months Ended June 30, 2018; Provides Earnings Guidance for the Fiscal Year Ending December 31, 2018
For the six months, the company's total revenues were $137,238,000 compared to $219,896,000 a year ago. Operating income was $12,802,000 compared to loss of $12,182,000 a year ago, primarily due to the downsized e-commerce services and effective cost control. Loss before income taxes and non-controlling interests was $113,910,000 compared to $9,855,000 a year ago. Net loss was $71,442,000 against $14,111,000 a year ago. Net loss attributable to the company shareholders was $71,441,000 compared to $14,110,000 a year ago, which is caused by change in fair value of equity securities. Basic and diluted loss per share for Class A and Class B ordinary shares was $0.80 compared to $0.16 a year ago. Basic and diluted loss per ADS was $0.16 compared to $0.03 a year ago. Non-GAAP income from operations was $21,369,000 compared to loss of $8,410,000 a year ago. Non-GAAP net income was $57,642,000 against loss of $16,324,000 a year ago. Non-GAAP net income attributable to the company shareholders was $57,643,000 compared to loss of $16,323,000 a year ago. Non-GAAP basic and diluted earnings per share for Class A and Class B ordinary shares was $0.65 compared to loss of $0.18 a year ago. Non-GAAP basic and diluted earnings per ADS was $0.13 compared to loss of $0.04 a year ago. Adjusted EBITDA was $34,510,000 compared to $2,347,000 a year ago. Net cash generated from operating activities was $34.3 million in the first half of 2018, compared to net cash generated from operating activities of $12.1 million for the same period in 2017.
The company also provided earnings guidance for the fiscal year ending December 31, 2018. For the year, the company expects non-GAAP net income to be profitable.