{"id":13607,"date":"2022-11-16T22:00:00","date_gmt":"2022-11-16T22:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3938686_CN38686_0"},"modified":"2022-11-16T22:00:00","modified_gmt":"2022-11-16T22:00:00","slug":"best-inc-announces-unaudited-third-quarter-2022-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=13607","title":{"rendered":"BEST Inc. Announces Unaudited Third Quarter 2022 Financial Results"},"content":{"rendered":"
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HANGZHOU, China<\/span>, Nov. 17, 2022 \/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 third quarter ended September 30, 2022<\/span>.<\/span><\/p>\n

Johnny Chou<\/span>, Founder, Chairman and CEO of BEST, commented, “Ongoing COVID-19 pandemic-related restrictions continued to impact the macro environment in China<\/span> and SEA, weighing heavily on the logistics industry. Amid the challenging landscape, we delivered good progress in our core business lines. BEST Freight’s growth momentum picked up, showing volume increase both quarter over quarter and year over year. BEST Supply Chain Management (“SCM”) delivered strong top line and bottom line results compared with the same quarter last year.<\/p>\n

“In the third quarter of 2022, total Freight volume increased by 4.1% year over year.  Its revenue increased by 9.7% and gross loss narrowed by 58.3% compared with the second quarter of 2022.  BEST SCM achieved year-over-year revenue growth of 15.2% and its gross margin reached 7.2%, up 3.5 percentage points from the same quarter last year, narrowing SCM’s net loss by 64.3%.<\/p>\n

“Southeast Asia<\/span> market remained challenging in the third quarter. While continuing to improve service quality and efficiency, we focused on expanding small and medium enterprise customer coverage to reduce customer concentration. We also continued to synergize with SCM and Freight in developing cross-border and supply chain business in the region.  Despite the challenging environment, we remain bullish on long-term growth opportunities in SEA markets.<\/p>\n

“Our efforts in cost reduction and service quality improvement across our business lines have helped us weather the storm. The measures we have taken make our ecosystem stronger and more resilient. Moving forward, we are confident that BEST’s strength in technology, domestic and global supply chain management as well as logistics capabilities will allow us to capture growth opportunities and create long-term value,”  concluded Mr. Chou.<\/p>\n

Gloria Fan<\/span>, BEST’s Chief Financial Officer, added, “Despite the headwinds, our third quarter performance was encouraging. Our total revenue for the quarter, excluding UCargo and Capital, decreased slightly by 2.3% year over year but we significantly narrowed our non-GAAP net loss by 16.0%, excluding the one-off gain recognized on selling assets in the third quarter of 2021. We maintained a healthy balance sheet with cash and cash equivalents, restricted cash, and short-term investments of RMB3.3 billion<\/span> after repurchasing an aggregate principal amount of RMB746.5 million<\/span> of existing Convertible Senior Notes.  Our net cash position was RMB1.1 billion<\/span> at the end of the quarter. We believe we are well positioned for sustainable growth and profitability as we drive long-term value for our customers through our Freight, integrated Supply Chain Management and Global logistics solutions.”<\/p>\n

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

For the Third Quarter Ended September 30, 2022<\/span>:<\/u><\/b>([2])<\/sup><\/p>\n