9F Inc. (NASDAQ:JFU) Q2 2019 Earnings Conference Call - Final Transcript
Sep 27, 2019 • 08:00 am ET
will be on that basis. Once again, all figures mentioned in this financial statement are in RMB.
Total revenue declined, as previously mentioned, 58% to RMB1 billion June reported, primarily due to a decrease in loan origination amount as we transition to exiting our lending preference to better connect and synchronize with our institutional funding partners systems. Loan facilitated by Institutional funding partners account for 58% of total revenues compared to 6.7% in the first quarter of this year.
Sales and marketing expenses decreased by 41% to RMB394 million during the quarter, primarily due to a temporary slowdown in user acquisition. General and administrative expenses decreased by 19% to RMB199.5 million during the quarter, primarily due to a decrease in share-based compensation expenses, which were partially offset by increase in salaries, benefits and professional fees.
Operating income stood at RMB256.6 million during the quarter. Net income was RMB171.6 million during the quarter. Adjusted net income was RMB205.8 million. On the balance sheet side, our cash position remains strong. As at June 30, 2019, our cash and cash equivalent and term deposits of RMB5.9 billion.
Lastly, guidance, we currently expect total loan origination volume for the third quarter of 2019 to be approximately RMB20 billion to RMB21 billion. This forecast reflects the Company's current preliminary views, which are subject to change.
With that, I will conclude our prepared remarks. We will now open the call to questions .Operator, please can you go ahead?