{"id":6908,"date":"2022-03-08T23:00:00","date_gmt":"2022-03-08T23:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3684993_CN84993_0"},"modified":"2022-03-08T23:00:00","modified_gmt":"2022-03-08T23:00:00","slug":"best-inc-announces-unaudited-fourth-quarter-and-fiscal-year-2021-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=6908","title":{"rendered":"BEST Inc. Announces Unaudited Fourth Quarter and Fiscal Year 2021 Financial Results"},"content":{"rendered":"
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HANGZHOU, China<\/span>, March 9, 2022 \/PRNewswire\/ — BEST Inc. (NYSE: BEST) (“BEST” or the “Company”), a leading integrated smart supply chain solutions and logistics services provider in China<\/span>, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021<\/span>. <\/p>\n

Johnny Chou<\/span>, Founder, Chairman and Chief Executive Officer of BEST, commented, “Successfully completing the sale of China<\/span> express business in the fourth quarter, we exited the year with a leaner and more focused organization. We now have a much stronger capital base and a clear path to support our sustainable growth and profitability.<\/p>\n

“Following a smooth Express handover, BEST Freight rebounded strongly in December, narrowing its net loss by 50% month-over-month. Supply Chain Management focused on higher margin accounts and expanded its franchised Cloud OFCs network in preparation for new customer acquisition. Global’s results remained encouraging with parcel volume growing 57% YoY for the quarter and 104% YoY for the full year despite the persistent impact of COVID-19.<\/p>\n

“In 2022, our businesses are better aligned for near and long-term success, with a stronger ability to return value to our stakeholders and partners,” Mr. Chou continued. “By focusing on our core competencies in freight, integrated supply chain management and global logistics solutions while maximizing revenue and cost synergies, we expect to grow the top line of our core segments by 15% to 20%YoY in 2022, and aim to reach profitability in Freight and Supply Chain Management by second half of the year.” <\/p>\n

Gloria Fan<\/span>, BEST’s Chief Financial Officer, added, “Our fourth quarter capped a critical year of decisive business adjustments. Built on the strength of our main business pillars, we have paved the way for BEST’s future growth. With a challenging macro environment and the short-term effects of our strategic recalibration, our fourth quarter revenue was RMB2.7 billion<\/span>. We also continued to streamline our costs and strengthen our operating efficiency during the quarter. Most importantly, we significantly improved our balance sheet. We now have a lower debt level and sufficient cash. We hope to transition to a year of growth in 2022, with an efficient organization guided by a clear roadmap.” <\/p>\n

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

For the Fourth Quarter Ended December 31, 2021<\/span><\/u><\/b>([2])<\/sup>:<\/b><\/p>\n