Yintech Q2 Profit Declines; Revenues Up 12.3% - Quick Facts

(RTTNews) - Yintech Investment Holdings Limited (YIN) reported second-quarter Non-GAAP earnings per ADS of RMB 1.79 compared to RMB 3.50, last year. Non-GAAP net income attributable to Yintech was RMB 131.8 million, a decrease of 36.8% from RMB 208.3 million in the same quarter last year.

Second-quarter revenues were RMB 569.9 million, an increase of 12.3% from RMB 507.4 million in the same quarter last year. For the second quarter of 2017, Yintech's customer trading volume was RMB 888.0 billion, a 114.3% increase compared to the second quarter of 2016. Yintech generated net commissions and fees of RMB 520.5 million, a 12.2% increase compared to the second quarter of 2016.

For the third-quarter, Yintech expects revenues will be in the range of RMB 360 to RMB 400 million. Customer trading volume is expected to be in the range of RMB 800 to RMB 850 billion.

Jingbo Wang, CFO of Yintech, said: "While customer trading volume and revenues were materially impacted by the termination of trading on the Guangdong Precious Metals Exchange and the suspension of trading on the Tianjin Precious Metals Exchange, we were able to maintain a healthy net profit margin thanks to the cost control measures we implemented. Our new commodities futures trading and securities services businesses began to generate revenues in June 2017 and are ramping up quickly."