Puxin Q2 Net Loss Widens, Revenues Up; Sees Higher Revenues In Q3 - Quick Facts

(RTTNews) - Puxin Limited (NEW), a consolidator of the after-school education industry in China, reported Tuesday that its second-quarter net loss attributable to the company was 194.6 million Chinese yuan or $28.4 million, wider than last year's net loss of 188.4 million yuan.

Loss per ADS were 2.28 yuan or $0.34, compared to loss of 2.88 yuan a year ago.

Adjusted attributable net loss was 60.7 million yuan or $8.8 million, compared to loss of 70.9 million yuan last year. Adjusted loss per ADS were 0.71 yuan or $0.10, compared to loss of 1.09 yuan during the same period of 2018.

Adjusted EBITDA was loss of 25.8 million yuan or $3.8 million, compared to loss of 38.7 million yuan a year ago.

Net revenues were 632.9 million yuan or $92.2 million, an increase of 19.1 percent from 531.3 million yuan last year. The increase was primarily driven by higher student enrollments, which grew 39.5 percent to 725,118 from 519,962 in 2018.

Looking ahead, for the third quarter of 2019, the company expects net revenues to be between 937.5 million yuan and 971.0 million yuan, which represents an increase of 40 percent to 45 percent year-over-year.

Yunlong Sha, Chairman and Chief Executive Officer of Puxin, said, "We are excited and confident about our future growth in the education market in China."