Pintec Technology Holdings Limited (NASDAQ:PT) Q2 2020 Earnings Conference Call - Final Transcript
Sep 21, 2020 • 08:00 am ET
the first half of 2020 was RMB104.2 million compared to a net income of RMB81.2 million in the same period of 2019. Adjusted net loss in the first half of 2020 was RMB96.9 million compared to adjusted net income of RMB111.1 million in the same period of 2019.
Diluted GAAP and diluted non-GAAP adjusted net loss for ordinary shares in the first half of 2019 were both RMB0.33 respectively.
Now, let's turn to our balance sheet. As of June 30, 2020, we had combined cash and cash equivalents, short-term and long-term restricted cash of RMB588.5 million compared to RMB580.9 million as of December 31, 2019.
Total net financing receivables, including short-term and long-term receivables, was RMB75.9 million as of June 30, 2020 from RMB449.5 million as of December 31, 2019. Looking ahead, we will continue to focus ramping up revenues in our digital technical services business segment, which we expect to become a key revenue contributor in the long-term. We understand that these adjustments will impact our top-line for the short-term, however, we are confident that these changes will bring solid foundation and sustainable development to the company.
At the same time, we will also work towards refining our asset quality for digital operation services as well as our licensed financial services in order to reduce the associated risk. We will accomplish this by increasing our activity of quality financial institutions, capable of bearing risk and decreasing our activity with those partners who require after share risk. As such, notwithstanding the impact from the unanticipated COVID-19 outbreak, we expect our efforts to contribute to a recovery to our financial performance and position in the near term.
This concludes our prepared remarks for today. Operator, we are now ready to take questions.