Kaixin Auto Holdings Announces Unaudited Second Quarter 2019 Financial Results
Kaixin Holdings - Ordinary Shares (KXIN)
Company Research
Source: GlobeNewswire
BEIJING, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Kaixin Auto Holdings ("Kaixin" or the "Company") (NASDAQ: KXIN), one of the primary dealership networks in the premium used car segment in China, today announced its unaudited financial results for the three months ended June 30, 20191. Second Quarter 2019 Operational Highlights Number of Self-Owned and Affiliated Network Dealerships were 14 and 4, respectively, as of June 30, 2019, unchanged from March 31, 2019.Gross Merchandise Value (GMV)2 was US$108.1 million, representing a decrease of 3.1% from US$111.6 million in the second quarter of 2018.Number of cars sold was 1,667 units, compared with 1,543 units sold in the second quarter of 2018.Inventory turnover days were 42 days, compared with 67 days in the second quarter of 2018. Second Quarter 2019 Financial Highlights Total net revenues were US$100.0 million, representing a decrease of 8.1% from US$108.8 million in the second quarter of 2018.Gross profit was US$2.5 million, repres
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