BEIJING, Nov. 30, 2017 /PRNewswire/ -- China Internet
Nationwide Financial Services Inc. ("CIFS" or the "Company")
(NASDAQ: CIFS), a leading financial advisory services company,
today announced its unaudited financial results for the three and
nine months ended September 30,
2017.
Third Quarter 2017 Highlights (all comparisons to
prior year unless noted)
|
For the Three
Months Ended September 30,
|
($ thousands,
except per share data)
|
2017
|
|
2016
|
|
%
Change
|
Revenue
|
$
5,134
|
|
$
4,068
|
|
26.2%
|
Gross
profit
|
5,001
|
|
3,972
|
|
25.9%
|
Gross
margin
|
97.4%
|
|
97.6%
|
|
-0.2 pp
|
Operating
income
|
4,013
|
|
3,684
|
|
8.9%
|
Operating
margin
|
78.2%
|
|
90.6%
|
|
-12.4 pp
|
Net Income
|
5,014
|
|
3,802
|
|
31.9%
|
EPS - basic &
diluted
|
0.23
|
|
0.19
|
|
23.2%
|
- Net revenue increased by 26.2% to $5.13
million for the third quarter of 2017, as total amount of
financing advised increased by 35.1% to $500
million.
- Net income was $5.01 million, or
$0.23 per basic and diluted share,
for the third quarter of 2017, compared to $3.80 million, or $0.19 per basic and diluted share, for the same
period last year. The increases in net income and earnings per
share were mainly due to expansion of our business and growth in
our revenue.
- On November 6, 2017, the Company
launched its FinTech initiative which specifically centers around
the development of a big data platform that would allow the Company
to leverage big data access, analytics, artificial intelligence
("AI") and machine learning in acquiring and retaining customers
through precision marketing and effective risk control.
- On November 14, 2017, the Company
entered into an equity transfer agreement to acquire a 100% equity
interest in Beijing Anytrust Science & Technology Co., Ltd., a
big data company focusing on providing data infrastructure design,
big data access and analytics, and document automation for
enterprises and government agencies in China, for a total cash consideration of
RMB12 million (approximately
US$1.8 million).
- On October 25, 2017, the Company
announced the expansion of its service offerings with the launch of
its supply chain financing services with an initial focus on the
medical supplies and medical equipment, airline catering and bulk
commodity supply chains.
"We are pleased to report strong third quarter financial results
that highlighted continued momentum in our business with revenue
and net income growing by 26.2% and 31.9%, respectively for the
third quarter 2017," commented Mr. Jianxin
Lin, Chairman and Chief Executive Officer of CIFS.
Mr. Lin continued, "During the third quarter, we also made
significant progress in executing our long-term growth plan. In
October, we launched the supply chain financing services with an
initial focus on the medical supplies and medical equipment,
airline catering and bulk commodity supply chains. In November, we
signed agreement to acquire a 100% equity interest in Beijing
Anytrust Science & Technology Co., Ltd., a big data company
focusing on providing data infrastructure design, big data access
and analytics, and document automation for enterprises and
government agencies in China, just
weeks after the launch of our FinTech Initiative. Kudos to our
dedicated team and we look forward to ending the year on a strong
note."
Third Quarter of 2017 Financial Results
Revenue
For the three months ended September 30,
2017, net revenue increased by $1.07
million, or 26.2%, to $5.13
million from $4.07 million for
the same period last year. The increase in net revenue was
primarily due to the increase in total amount of financing advised
which increased by $130 million, or
35.1%, to $500 million for the three
months ended September 30, 2017 from
$370 million for the same period last
year. The increase in net revenue and amount of financing advised
was related to commercial payment advisory services and partially
offset by the decrease in revenue generated from intermediary loan
advisory services.
|
For the Three
Months Ended September 30,
|
|
2017
|
|
2016
|
|
No. of
Clients
Advised
|
|
Amount of
Financing
Advised
($ Millions)
|
|
Revenue
($ Millions)
|
|
No. of
Clients
Advised
|
|
Amount of
Financing
Advised
($ Millions)
|
|
Revenue
($ Millions)
|
Commercial
Payment
|
8
|
|
$
373
|
|
$
4.22
|
|
3
|
|
$
187
|
|
$
2.11
|
International
Corporate Financing
|
1
|
|
$
100
|
|
$
0.40
|
|
1
|
|
$
100
|
|
$
0.38
|
Intermediary
Loan
|
1
|
|
$
27
|
|
$
0.52
|
|
2
|
|
$
83
|
|
$
1.57
|
Total
|
10
|
|
$
500
|
|
$
5.13
|
|
6
|
|
$
370
|
|
$
4.07
|
Revenue from commercial payment advisory services increased by
$2.10 million, or 99.5%, to
$4.22 million for the three months
ended September 30, 2017 from
$2.11 million in the same period last
year. The Company assisted 8 small to medium sized enterprises
("SMEs") in obtaining acceptance bills from banks with a total
amount of financing of $373 million
during the three months ended September 30,
2017, compared to 3 SMEs and $187
million, respectively, during the same period last year.
Revenue from international corporate financing advisory services
increased by $0.01 million, or 3.8%,
to $0.40 million for the three months
ended September 30, 2017 from
$0.38 million for the same period
last year. The Company provided international corporate financing
advisory services to 1 SME with a total amount of financing of
$100 million during the three months
ended September 30, 2017, essentially
unchanged from the same period last year. Revenue from intermediary
loan advisory services decreased by $1.05
million, or 67.0%, to $0.52
million for the three months ended September 30, 2017 from $1.57 million for the same period last year. The
Company provided intermediary loan advisory services to 1 SME with
a total financing amount of $27
million during the three months ended September 30, 2017, compared to 2 SMEs and
$83 million, respectively, during the
same period last year.
Cost of Revenue
Total cost of revenue, which is mainly comprises
revenue-generating staffing costs, increased by $0.04 million, or 38.1%, to $0.13 million for the three months ended
September 30, 2017 from $0.10 million for the same period last year.
Gross Profit and Gross Margin
Gross profit increased by $1.03
million, or 25.9%, to $5.00
million for the three months ended September 30, 2017 from $3.97 million for the same period last year. The
increase in gross profit was in line with the growth of net
revenue. Gross margin was 97.4% for the three months ended
September 30, 2017, compared to 97.6%
for the same period last year.
Operating Expenses
Selling and marketing expenses increased by $0.05 million, or 547.3%, to $0.06 million for the three months ended
September 30, 2017, compared to
$0.01 million for the same period
last year. The increase in selling and marketing expenses was
primarily related to increased costs associated with a more
expansive marketing campaign to promote the Company and an increase
in staffing costs. General and administrative expenses increased by
$0.65 million, or 232.5%, to
$0.93 million for the three months
ended September 30, 2017 from
$0.28 million for the same period
last year. The increase in general and administrative expenses was
primarily due to an increase in expenses related to a new office
lease, professional fees, travelling and entertainment expenses as
well as expenses related to our initial public offering. As a
result, total operating expenses increased by $0.70 million, or 243.0%, to $0.99 million for the three months ended
September 30, 2017 from $0.29 million for the same period last year. As a
percentage of net revenue, total operating expenses was 19.2% for
the three months ended September 30,
2017, compared to 7.1% for the same period last year.
Operating Income and Operating Margin
Operating income increased by $0.33
million, or 8.9%, to $4.01
million for the three months ended September 30, 2017 from $3.68 million for the same period last year.
Operating margin was 78.2% for the three months ended September 30, 2017, compared to 90.6% for the
same period last year.
Other Income (Expenses)
Total net other income, which primarily comprises interest
income from loans to third parties as well as interest income on
bank deposits and other expenses, increased by $0.50 million, or 71.8%, to $1.19 million for the three months ended
September 30, 2017 from $0.69 million for the same period last year.
Income Tax Expenses
Income tax expense was $0.19
million for the three months ended September 30, 2017, compared to $0.58 million for the same period last year. The
decrease of income tax expense was mainly due to the transition of
operating business from one subsidiary - Sheng Ying Xin (Beijing) Management Consulting Co., Ltd.
during the third quarter of 2016, which is subject to the 25%
income tax rate, to another subsidiary - Kashgar Sheng Yingxin
Enterprise Consulting Co., Ltd., which is exempted from income tax
from its inception to December 31,
2020.
Net Income and EPS
Net income increased by $1.21
million, or 31.9%, to $5.01
million for the three months ended September 30, 2017 from $3.80 million for the same period last year. The
increase in net income was primarily related to the increase in net
revenue and decrease in income tax expenses and partially offset by
the increase in operating expenses. Basic and diluted earnings
share was $0.23 for the three months
ended September 30, 2017, compared to
$0.19 for the same period last
year.
Nine Months Ended September 30,
2017 Financial Results
|
For the Nine
Months Ended September 30,
|
($ thousands,
except per share data)
|
2017
|
|
2016
|
|
%
Change
|
Revenue
|
$
13,107
|
|
$
10,976
|
|
19.4%
|
Gross
profit
|
12,791
|
|
10,703
|
|
19.5%
|
Gross
margin
|
97.6%
|
|
97.5%
|
|
0.1 pp
|
Operating
income
|
11,166
|
|
9,884
|
|
13.0%
|
Operating
margin
|
85.2%
|
|
90.1%
|
|
-4.9 pp
|
Net Income
|
13,254
|
|
9,495
|
|
39.6%
|
EPS - basic &
diluted
|
0.65
|
|
0.47
|
|
38.3%
|
Revenue
For the nine months ended September 30,
2017, net revenue increased by $2.13
million, or 19.4%, to $13.11
million from $10.98 million
for the same period last year. The increase in net revenue was
primarily due to the increase in total amount of financing advised
which increased by $246 million, or
24.2%, to $1,264 million for the nine
months ended September 30, 2017 from
$1,018 million for the same period
last year. The increase in net revenue and amount of financing
advised was related to commercial payment advisory services and
international corporate financing advisory services.
|
For the Nine
Months Ended September 30,
|
|
2017
|
|
2016
|
|
No. of
Clients
Advised
|
|
Amount of
Financing
Advised
($ Millions)
|
|
Revenue
($ Millions)
|
|
No. of
Clients
Advised
|
|
Amount of
Financing
Advised
($ Millions)
|
|
Revenue
($ Millions)
|
Commercial
Payment
|
17
|
|
$
827
|
|
$
9.36
|
|
13
|
|
$
650
|
|
$
7.59
|
International
Corporate Financing
|
3
|
|
$
300
|
|
$
1.16
|
|
3
|
|
$
230
|
|
$
0.87
|
Intermediary
Loan
|
5
|
|
$
137
|
|
$
2.59
|
|
5
|
|
$
138
|
|
$
2.52
|
Total
|
25
|
|
$
1,264
|
|
$
13.11
|
|
21
|
|
$
1,018
|
|
$
10.98
|
Revenue from commercial payment advisory services increased by
$1.78 million, or 23.4%, to
$9.36 million for the nine months
ended September 30, 2017 from
$7.59 million for the same period
last year. The Company assisted 17 SMEs in obtaining acceptance
bills from banks with a total amount of financing of $827 million during the nine months ended
September 30, 2017, compared to 13
SMEs and $650 million, respectively,
during the same period last year. Revenue from international
corporate financing advisory services increased by $0.29 million, or 32.8%, to $1.16 million for the nine months ended
September 30, 2017 from $0.87 million for the same period last year. The
Company provided international corporate financing advisory
services to 3 SMEs with a total amount of financing of $300 million during the nine months ended
September 30, 2017, compared to 3
SMEs and $230 million, respectively,
during the same period last year. Revenue from intermediary loan
advisory services increased by $0.07
million, or 2.8%, to $2.59
million for the nine months ended September 30, 2017 from $2.52 million for the same period last year. The
Company provided intermediary loan advisory services to 5 SMEs with
a total amount of financing of $137
million during the nine months ended September 30, 2017, compared to 5 SMEs and
$138 million, respectively, during
the same period last year.
Cost of Revenue
Total cost of revenue, which mainly comprises revenue-generating
staffing costs, increased by $0.04
million, or 15.8%, to $0.32
million for the nine months ended September 30, 2017 from $0.27 million for the same period last year.
Gross Profit and Gross Margin
Gross profit increased by $2.09
million, or 19.5%, to $12.79
million for the nine months ended September 30, 2017 from $10.70 million for the same period last year. The
increase in gross profit was in line with the growth of net
revenue. Gross margin was 97.6% for the nine months ended
September 30, 2017, compared to 97.5%
for the same period last year.
Operating Expenses
Selling and marketing expenses increased by $0.06 million, or 208.0%, to $0.09 million for the nine months ended
September 30, 2017, compared to
$0.03 million for the same period
last year. The increase in selling and marketing expenses was
primarily related to an increase n costs associated with a more
expansive marketing campaign to promote the Company and an increase
in staffing costs. General and administrative expenses increased by
$0.75 million, or 94.5%, to
$1.54 million for the nine months
ended September 30, 2017 from
$0.79 million for the same period
last year. The increase in general and administrative expenses was
primarily due to an increase in expenses related to a new office
lease, professional fees, travelling and entertainment expenses as
well as expenses related to our initial public offering. As a
result, total operating expenses increased by $0.81 million, or 98.5%, to $1.63 million for the nine months ended
September 30, 2017 from $0.82 million for the same period last year. As a
percentage of net revenue, total operating expenses was 12.4% for
the nine months ended September 30,
2017, compared to 7.5% for the same period last year.
Operating Income and Operating Margin
Operating income increased by $1.28
million, or 13.0%, to $11.17
million for the nine months ended September 30, 2017 from $9.88 million for the same period of last year.
Operating margin was 85.2% for the nine months ended September 30, 2017, compared to 90.1% for the
same period last year.
Other Income (Expenses)
Total net other income, which primarily comprises interest
income from loans to third parties as well as interest income on
bank deposits and other expenses, increased by $0.54 million, or 26.1%, to $2.63 million for the nine months ended
September 30, 2017 from $2.08 million for the same period last year.
Income Tax Expenses
Income tax expense was $0.54
million for the nine months ended September 30, 2017, compared to $2.47 million for the same period last year. The
decrease of income tax expense was mainly due to the transition of
operating business from one subsidiary - Sheng Ying Xin (Beijing) Management Consulting Co., Ltd. which
is subject to the 25% income tax rate, to another subsidiary -
Kashgar Sheng Yingxin Enterprise Consulting Co., Ltd., which is
exempted from income tax from its inception to December 31, 2020.
Net Income and EPS
Net income increased by $3.76
million, or 39.6%, to $13.25
million for the nine months ended September 30, 2017 from $9.50 million for the same period last year. The
increase in net income was primarily related to the increase in net
revenue and decrease in income tax expenses and partially offset by
the increase in operating expenses. Basic and diluted earnings
share were $0.65 for the nine months
ended September 30, 2017, compared to
$0.47 for the same period last
year.
Liquidity and Capital Resources
As of September 30, 2017, the
Company had cash and cash equivalents of $23.20 million, compared to $1.88 million at the end of 2016. Balance of
loans to third parties was $33.96
million as of September 30,
2017, compared to $19.24
million at the end of 2016.
Net cash provided by operating activities was $13.60 million for the nine months ended
September 30, 2017, compared to
$10.51 million for the same period
last year.
Recent Developments
On November 14, 2017, the Company
entered into an equity transfer agreement to acquire a 100% equity
interest in Beijing Anytrust Science & Technology Co., Ltd., a
big data company focusing on providing data infrastructure design,
big data access and analytics, and document automation for
enterprises and government agencies in China, for a total cash consideration of
RMB12 million (approximately
US$1.8 million). The acquisition was
consummated on November 23, 2017.
On November 6, 2017, the Company
announced plans to make "FinTech" or financial technologies a core
competency and a key growth driver for the Company's next phase of
growth (the "FinTech Initiative"). The Company's FinTech Initiative
specifically centers around the development of a big data platform
that would allow the Company to leverage big data access,
analytics, artificial intelligence ("AI") and machine learning in
acquiring and retaining customers through precision marketing and
effective risk control. The Company plans to fulfill the FinTech
Initiative through a combination of key employee recruitment and
targeted acquisitions.
On October 25, 2017, the Company
announced the expansion of its service offerings with the launch of
its supply chain financing services (the "SCF Services"). The SCF
Services provide owners of SMEs with holistic supply chain
financing solutions and value-added services in order to reduce
financing costs and improve efficiency during a business
transaction. With an initial focus on the medical supplies and
medical equipment, airline catering and bulk commodity supply
chains, the SCF Services will be operated through Fu Hui
(Shenzhen) Commercial Factoring
Co., Ltd., a recently incorporated, wholly owned subsidiary of the
Company.
On October 16, 2017, Mr.
Kam Cheng Leong tendered his
resignation as director of the Company, Chairman of the Nominating
and Corporate Governance Committee and member of both Audit
Committee and Compensation Committee of the Company. Mr. Leong's
resignation was for personal reasons and was not a result of any
dispute with the Company. The Board accepted Mr. Leong's
resignation with immediate effect. On the same day, the Board
resolved to appoint Mr. Buting Yang to replace Mr. Leong in the
abovementioned capacities, effective immediately.
About China Internet Nationwide Financial Services
Inc.
Incorporated in 2014 and headquartered in Beijing, China Internet Nationwide Financial
Services Inc. provides financial advisory services, including
commercial payment advisory, intermediary bank loan advisory, and
international corporate financing advisory, to meet the financing
and capital needs of its clients, comprised largely of
small-to-medium sized enterprises. More information about the
Company can be found at www.cifsp.com.
Forward Looking Statements
This news release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and as defined in the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements can be
identified by terminology such as "will," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. All statements other than statements of historical fact
in this press release are forward-looking statements and involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
These forward-looking statements are based on management's current
expectations, assumptions, estimates and projections about the
Company and the industry in which the Company operates, but involve
a number of unknown risks and uncertainties, Further information
regarding these and other risks is included in the Company's
filings with the U.S. Securities and Exchange Commission. The
Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and actual
results may differ materially from the anticipated results. You are
urged to consider these factors carefully in evaluating the
forward-looking statements contained herein and are cautioned not
to place undue reliance on such forward-looking statements, which
are qualified in their entirety by these cautionary
statements.
INVESTOR RELATIONS:
China Internet Nationwide Financial Services Inc.
Email: ir@cifsp.com
Phone: +86 10 8587 8166
Tony Tian, CFA
Weitian Group LLC
Email: tony.tian@weitian-ir.com
Phone: +1 732 910 9692
CHINA INTERNET
NATIONWIDE FINANCIAL SERVICES INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(In
US$)
|
|
|
|
|
As of
September 30,
|
|
|
As of
December 31,
|
|
|
2017
|
|
|
2016
|
ASSETS
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
23,196,608
|
|
$
|
1,880,425
|
Accounts receivable
(including $0 and $0 of receivable from related parties as of
September 30, 2017 and December 31, 2016, respectively)
|
|
5,885,278
|
|
|
8,088,511
|
Other receivables and
prepayments
|
|
355,386
|
|
|
94,474
|
Loan to third
parties
|
|
33,955,717
|
|
|
19,237,422
|
Deferred offering
cost
|
|
-
|
|
|
312,202
|
Total Current
Assets
|
|
63,392,989
|
|
|
29,613,034
|
|
|
|
|
|
|
Non-current
assets
|
|
|
|
|
|
Equipment,
net
|
|
131,324
|
|
|
28,777
|
Intangible assets,
net
|
|
5,445
|
|
|
2,772
|
Long-term office
rental deposit
|
|
514,950
|
|
|
208,695
|
Total
Assets
|
$
|
64,044,708
|
|
$
|
29,853,278
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accrued
payroll
|
$
|
575,933
|
|
$
|
490,875
|
Other payables and
accruals
|
|
28,631
|
|
|
53,827
|
Due to a related
party
|
|
163,603
|
|
|
163,361
|
Taxes
payable
|
|
4,929,438
|
|
|
3,755,872
|
Total Current
Liabilities
|
|
5,697,605
|
|
|
4,463,935
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Common Stock ($0.001
par value, unlimited authorized shares, and 22,023,146 and
20,000,000 share issued and outstanding as of September 30, 2017
and December 31, 2016, respectively)
|
|
22,023
|
|
|
20,000
|
Additional paid in
capital
|
|
27,362,710
|
|
|
9,147,398
|
Statutory
reserve
|
|
1,657,084
|
|
|
1,657,084
|
Retained
earnings
|
|
30,932,971
|
|
|
17,679,458
|
Accumulated other
comprehensive loss
|
|
(1,627,685)
|
|
|
(3,114,597)
|
Total Shareholders'
Equity
|
|
58,347,103
|
|
|
25,389,343
|
Total Liabilities and
Shareholders' Equity
|
$
|
64,044,708
|
|
$
|
29,853,278
|
|
CHINA INTERNET
NATIONWIDE FINANCIAL SERVICES INC. AND SUBSIDIARIES
UNAUDITED
CONDENSED CONSOLIDATED INCOME STATEMENT
(In
US$)
|
|
|
Three Months
Ended
September 30,
2017
|
|
Three Months
Ended
September 30,
2016
|
|
Nine Months
Ended
September 30,
2017
|
|
Nine Months
Ended
September 30,
2016
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
International
corporate financing advisory
|
$
|
395,744
|
|
$
|
381,222
|
|
$
|
1,159,283
|
|
$
|
873,137
|
Intermediary bank
advisory services
|
|
519,438
|
|
|
1,572,127
|
|
|
2,587,585
|
|
|
2,517,229
|
Commercial payment
advisory services
|
|
4,218,708
|
|
|
2,114,950
|
|
|
9,360,236
|
|
|
7,585,555
|
Total
revenue
|
|
5,133,890
|
|
|
4,068,299
|
|
|
13,107,104
|
|
|
10,975,921
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
|
133,370
|
|
|
96,548
|
|
|
315,884
|
|
|
272,869
|
Gross
profit
|
|
5,000,520
|
|
|
3,971,751
|
|
|
12,791,220
|
|
|
10,703,052
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
expenses
|
|
62,271
|
|
|
9,620
|
|
|
88,566
|
|
|
28,752
|
General and
administrative expenses
|
|
925,114
|
|
|
278,224
|
|
|
1,536,974
|
|
|
790,273
|
Total Operating
expenses
|
|
987,385
|
|
|
287,844
|
|
|
1,625,540
|
|
|
819,025
|
Income from
operations
|
|
4,013,135
|
|
|
3,683,907
|
|
|
11,165,680
|
|
|
9,884,027
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expenses)
|
|
|
|
|
|
|
|
|
|
|
|
Interest income on
bank deposit
|
|
3,079
|
|
|
418
|
|
|
7,697
|
|
|
2,365
|
Other
income(expenses), net
|
|
(26,452)
|
|
|
51
|
|
|
(52,851)
|
|
|
(7,377)
|
Interest income from
loans to third parties
|
|
1,216,416
|
|
|
693,914
|
|
|
2,672,108
|
|
|
2,087,992
|
Total other
income, net
|
|
1,193,043
|
|
|
694,383
|
|
|
2,626,954
|
|
|
2,082,980
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
tax expenses
|
|
5,206,178
|
|
|
4,378,290
|
|
|
13,792,634
|
|
|
11,967,007
|
Income tax
expenses
|
|
191,821
|
|
|
576,285
|
|
|
539,123
|
|
|
2,471,844
|
Net
Income
|
$
|
5,014,357
|
|
$
|
3,802,005
|
|
$
|
13,253,511
|
|
$
|
9,495,163
|
Other
comprehensive loss
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain/(loss)
|
|
757,926
|
|
|
(149,163)
|
|
|
1,486,914
|
|
|
(551,420)
|
Comprehensive
Income
|
$
|
5,772,283
|
|
$
|
3,652,842
|
|
$
|
14,740,425
|
|
$
|
8,943,743
|
Weighted average
number of shares, basic and diluted*
|
|
21,429,397
|
|
|
20,000,000
|
|
|
20,481,701
|
|
|
20,000,000
|
Basic and diluted
earnings per share
|
$
|
0.23
|
|
$
|
0.19
|
|
$
|
0.65
|
|
$
|
0.47
|
View original
content:http://www.prnewswire.com/news-releases/china-internet-nationwide-financial-services-inc-reports-unaudited-third-quarter-2017-financial-results-300564615.html
SOURCE China Internet Nationwide Financial Services Inc.