Boston, MA 08/13/2014 (wallstreetpr) – Bitauto Hldg Ltd (ADR) (NYSE:BITA) announced its unaudited second-quarter results wherein the revenues came at US$84.2 million, up 54.5% from 2Q2013. The gross profit came at US$67.6 million, a 64.3% rise from 2Q2013. The operating profit came higher at US$21.2 million. It was a sharp rise of 159.5% as compared to second-quarter of 2013. IFRS profit came at US$18.7 million, up 107.6% from 2Q2013. It posted the Non-GAAP profit of US$20.0 million; up 110.3% from prior-year quarter.
A strong quarter
The management of Bitauto Hldg Ltd (ADR) (NYSE:BITA) was delighted with the performance of the company in second-quarter. The results showed strong top and bottom line growth. The revenue growth of 54.5% and 110.3% of growth in non-GAAP profit represents the clear strength in business. The bitauto.com advertising segment posted growth of 67.0% on a yearly basis and EP platform businesses posted growth of 59.4% year-over-year. The operating margin saw a boost as it came at 25.2% comparable to 15.0% in 2Q2013.
The EP platform
The growth of 59.4% in the EP platform marks the rise in revenues. In the second-quarter, the segment generated around 14.0 million general sales leads for the auto dealer clients. The newly launched C2B website received positive response from the consumers. In the coming quarters, Bitauto Hldg Ltd (ADR) (NYSE:BITA) will continue to focus on mobile product offerings. It signed a key agreement with Baidu Inc (ADR) (NASDAQ:BIDU) to become the exclusive supplier of auto-related content on its mobile platform. Bitauto Auto Price app users are growing with each quarter. It is the key app that generates sales leads for the auto dealer clients.
The key strategies
Bitauto Hldg Ltd (ADR) (NYSE:BITA) will continue to move ahead with three core growth strategies. It will expand it value added service in the EP segment. It will make efforts to build a brand and promote bitauto.com’s brand recognition. And last but not the least, it focus will remain on its used car business.