Gross Margin Improved by 2.8ppt and Net Loss Ratio to Shareholders Improved by 19.4ppt YoY for First Quarter 2023
SHENZHEN, China, May 22, 2023 /PRNewswire/ — OneConnect Financial Technology Co., Ltd. (“OneConnect” or the “Company”) (NYSE: OCFT), a leading technology-as-a-service provider for financial services industry in China, today announced its unaudited financial results for the first quarter ended March 31, 2023.
First Quarter 2023 Financial Highlights
- Revenue was RMB926 million as compared to RMB1,019 million for the same period of the prior year.
- Gross margin increased by 2.8ppt year-over-year to 37.1% as compared to 34.3% for the same period of the prior year; non-IFRS gross margin increased to 40.4% as compared to 38.8% for the same period of the prior year.
- Operating loss narrowed 67.8% to RMB114 million, as compared to RMB355 million for the same period of the prior year. Operating loss margin narrowed to 12.4% from 34.8% for the same period of the prior year.
- Net loss attributable to shareholders narrowed by 65.7% to RMB109 million,…