- Income from commodities trading business was $1.47 million, consisting of $1.05 million from sales of commodities products, and $0.42 million from supply chain management services;
- Net loss was $0.14 million, compared with net loss of $1.83 million for the three months ended March 31, 2019.
The Company started to operate its current used luxurious car leasing business in China, after it disposed its direct loans, loan guarantees and financial leasing services in July 2018, and began to operate commodities trading business in China in November 2019. In January 2020, the company changed the name to TD Holdings, Inc.
Mrs. Renmei Ouyang, the Chief Executive Officer of the Company, stated, “We are pleased to report our financial results for the three months ended March 31, 2020. We started our commodity trading business in late 2019, and we have increased our revenues from the commodities trading business despite of the outbreak of COVID-19. I believe that the commodity trading business will continue to bolster the Company’s income and increase shareholder value.”