TD Holdings, Inc. achieves third quarter profit by new business segment

Rhea-AI Summary

On November 13, 2020, TD Holdings, Inc. (NASDAQ: GLG) reported significant financial growth for Q3 2020, achieving $7.21 million in operating income and a net profit of $1.18 million. This reflects increases of 1,077.48% and 1,103.69% compared to Q3 2019. The company's success is attributed to its new commodity trading and supply chain services, especially following the acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. on October 26, 2020, positioning it for further growth in these sectors.

Positive

• Operating income increased by 1,077.48% year-over-year.
• Net profit rose by 1,103.69% compared to Q3 2019.
• The acquisition of Shenzhen Qianhai Baiyu Supply Chain enhances business capabilities.
• Expansion into commodity trading and supply chain services shows significant growth potential.

Negative

• None.

SHENZHEN, China, Nov. 13, 2020 /PRNewswire/ -- On 13^th, November 2020, TD Holdings, Inc. (NASDAQ: GLG) released its financial report for the third quarter of 2020. In a single quarter, it achieved operating income of $7.21 million and net profit of $1.18 million. Compared with the same period in the third quarter of 2019, its operating income and net profit have increased by 1,077.48% and 1,103.69% respectively, which indicates a rapid growth of the performance of each quarter in 2020.

The new business of commodity trading and supply chain services has brought huge space for the company to further develop. Especially after the completion of the acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. on October 26, 2020, the company has determined to draw a new picture for the business of bulk commodity and supply chain management.

View original content:http://www.prnewswire.com/news-releases/td-holdings-inc-achieves-third-quarter-profit-by-new-business-segment-301172646.html

SOURCE TD Holdings, Inc.

FAQ

What were TD Holdings' operating income and net profit for Q3 2020?

For Q3 2020, TD Holdings achieved an operating income of $7.21 million and a net profit of $1.18 million.

How much did TD Holdings' operating income increase year-over-year in Q3 2020?

Operating income increased by 1,077.48% compared to the same period in 2019.

What was the percentage increase in TD Holdings' net profit compared to Q3 2019?

Net profit increased by 1,103.69% year-over-year.

What acquisition did TD Holdings complete, and when?

TD Holdings completed the acquisition of Shenzhen Qianhai Baiyu Supply Chain Co., Ltd. on October 26, 2020.

What new business segment is contributing to TD Holdings' growth?

The new business segment of commodity trading and supply chain services is significantly contributing to the company's growth.