OneConnect Announces Fourth Quarter and Full Year 2019 Unaudited Financial Results
Summary
The ability to provide these innovative technology and business solutions and to quickly respond to changes in the macro and regulatory environment is critical to long-term growth. Non-IFRS gross margin increased to 46.4% from 43.6% from the same period in prior year, on higher amortization of intangible assets, depreciation of property and equipment and share-based compensation recognized in cost of revenue. OneConnect’s operations have been impacted by delays in project implementation, client interactions and general uncertainty surrounding the duration of the government’s extended business and travel restrictions. Together they enable the Company’s customers’ digital transformations, which help them increase revenue, manage risks, improve efficiency, enhance service quality and reduce costs. For more information on non-IFRS financial measures, please see the table captioned “ Reconciliations of IFRS and non-IFRS results (Unaudited)” set forth at the end of this press release.