Price Wars Push Down MLS’s 3Q15 Net Profit by 80%

MLS announced its revenue for 3Q15 was down 8.62% year on year (YoY) to RMB 887 million (US $139.7 million). The company’s net income attributable to shareholders was plunged 79.32% YoY to RMB 17.19 million (US $2.7 million).

According to the report, MLS’ revenue in the first three quarters was up 4.24% YoY to RMB 28.87 billion (US $4.55 billion), while its net income attributable to shareholders declined 25.45% YoY at RMB 249 million (US $39.21 million).

MLS projected that the net income attributable to shareholders in 2015 will see 37.75% to 42.36% YoY decline, ranging from RMB 250 million to RMB 270 million. According to the company, price wars triggered falling revenues.

(Translator: Emma Chang, Editor, LEDinside)

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