Fang Holdings Limited (SFUN) saw its loss narrow to $10.38 million, or $0.11 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $38.81 million, or $0.44 a share. On the other hand, adjusted net loss for the quarter narrowed to $8.90 million, or $0.10 a share from a loss of $68.90 million or $0.78 a share, a year ago. Revenue during the quarter plunged 41.91 percent to $174.66 million from $300.66 million in the previous year period. Gross margin for the quarter expanded 2144 basis points over the previous year period to 48.81 percent. Operating margin for the quarter stood at negative 5.09 percent as compared to a negative 10.83 percent for the previous year period.
Operating loss for the quarter was $8.89 million, compared with an operating loss of $32.57 million in the previous year period.
However, the adjusted operating loss for the quarter stood at $6.35 million compared to operating loss of $31.71 million in prior year period.
"I admit that our two-year long transformation is a failure up to today. We did not know in depth of the new markets and new business lines. We were too aggressive in transformations at the same time with all of our business lines," said Vincent Mo, chairman and chief executive officer of Fang.com. "We are making adjustments to our transformations. We will return to open-platform strategy in which we will support and facilitate businesses of our partners including developers, brokers and agents, property owners and buyers, and other home related companies and professionals."
Debt comes down significantly
Fang Holdings Limited has recorded a decline in total debt over the last one year. It stood at $573.19 million as on Dec. 31, 2016, down 26.94 percent or $211.41 million from $784.60 million on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
