{"id":11106,"date":"2022-08-17T10:05:00","date_gmt":"2022-08-17T10:05:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3847379_CN47379_0"},"modified":"2022-08-17T10:05:00","modified_gmt":"2022-08-17T10:05:00","slug":"best-inc-announces-unaudited-second-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=11106","title":{"rendered":"BEST Inc. Announces Unaudited Second Quarter 2022 Financial Results"},"content":{"rendered":"
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HANGZHOU, China<\/span><\/span>, Aug. 17, 2022<\/span><\/span> \/PRNewswire\/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China<\/span> and Southeast Asia<\/span> (“SEA”), today announced its unaudited financial results for the second quarter ended June 30, 2022<\/span>.<\/p>\n

Johnny Chou<\/span>, Founder, Chairman and CEO of BEST, commented, “The impact of the COVID-19 pandemic continued to weigh heavily on the overall economy growth in China<\/span> and SEA. Despite these headwinds in the second quarter, BEST Supply Chain Management (“SCM”) achieved profitability while BEST Freight’s loss has significantly narrowed compared with the first quarter.  In addition, our U.S. operations continued to be profitable for the period.”  <\/p>\n

“We maintained our focus on service quality, customer experience and efficiency improvement during the quarter. BEST Freight increased its on-time delivery rate by 11.4% quarter over quarter.  Freight’s net loss narrowed by RMB115.7 million<\/span> compared with the first quarter as we continued to reduce expenses and improve operating efficiency. BEST SCM achieved profitability due to our continuous focus on high margin key accounts and our cost reduction initiatives.”<\/p>\n

“For BEST Global, we have significantly strengthened the quality of our services, including on-time delivery improvement that benefitted from the utilization of information technology and better infrastructure management of Global’s operations. We will accelerate our B2B2C and cross border business among PRC, SEA and the U.S. by synergizing with SCM and Freight. With these synergies and our cross-border initiatives, we are confident that BEST Global will return to its growth trajectory by the end of this year.”<\/p>\n

“We are encouraged by the progress we have made since the launch of our Strategic Refocusing Program. Today we are operating as a leaner and more focused organization. As the pandemic eases, we are confident that BEST’s strength in technology, domestic and global supply chain management and logistics capabilities will allow us to rebound strongly and on the path to profitability.” concluded Mr. Chou.<\/p>\n

Gloria Fan<\/span>, BEST’s Chief Financial Officer, added, “While our second quarter revenue was impacted by the pandemic, we are pleased that our net loss from continuing operations narrowed significantly by RMB87.5 million<\/span> or 27.1% quarter over quarter, excluding the one-time expenses associated with the Capital wind-down and ADS ratio change. We also maintained a strong balance sheet with cash and cash equivalents, restricted cash, and short-term investments of RMB4.4 billion<\/span>, and a net cash position of RMB1.4 billion<\/span> at the end of the second quarter. As we drive value for our customers through our Freight, integrated Supply Chain Management and Global logistics solutions, we believe we are on the right path to deliver sustainable growth and profitability.”<\/p>\n

FINANCIAL HIGHLIGHTS<\/b>(1)<\/sup> <\/p>\n

For the Second Quarter Ended June 30, 2022<\/span>:<\/u><\/b>(2)<\/sup><\/p>\n