Bitauto Holdings Limited announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported revenue of RMB 2,690,316,000 compared to RMB 1,749,003,000 a year ago. Loss from operations was RMB 645,177,000 compared to RMB 40,553,000 a year ago. Loss before tax was RMB 800,794,000 compared to RMB 92,608,000 a year ago. Net loss attributable to company was RMB 712,548,000 compared to RMB 226,566,000 a year ago. Non-GAAP net profit was RMB 99,002,000 compared to RMB 78,490,000 a year ago. Non-GAAP income from operations was RMB 93,486,000 compared to RMB 140,881,000 a year ago.

For the year, the company reported revenue of RMB 8,751,259,000 compared to RMB 5,772,948,000 a year ago. Loss from operations was RMB 1,076,593,000 compared to RMB 109,228,000 a year ago. Loss before tax was RMB 1,223,164,000 compared to RMB 190,384,000 a year ago. Net loss attributable to company was RMB 1,611,114,000 compared to RMB 541,345,000 a year ago. Non-GAAP net profit was RMB 718,358,000 or RMB 5.07 per diluted ADS compared to RMB 419,194,000 or RMB 3.08 per diluted ADS a year ago. Non-GAAP income from operations was RMB 93,486,000 compared to RMB 140,881,000 a year ago.

The company provided revenue guidance for the first quarter of 2018. The company currently expects RMB 1.96 billion (USD 301.8 million) to RMB 2.01 billion (USD 309.5 million) in the first quarter of 2018, representing a 37.8% to 41.3% increase from the corresponding period in 2017. This forecast reflects revenues net of value-added tax under the new revenue recognition standard ASC 606, which Bitauto adopted on January 1, 2018. If presented on gross basis, as consistent with the year 2017, forecasted revenues would be between RMB 2.12 billion (USD 325.6 million) to RMB 2.17 billion (USD 333.8 million) in the first quarter of 2018, representing a 37.1% to 40.5% increase from the corresponding period in 2017.