Administrative expenses decreased to 5.9 million in the third quarter of 2014 from 10.5 million during the same period last year primarily due to reduction in headcount, office and other miscellaneous expenses. Net loss in the third quarter was 206 million compared to net profit of 6 million during the same period last year. This translates into a loss per ADS of $0.59 compared to earnings per ADS of $0.02 during the same period last year.
Now, moving on to our financial position – as of September 30, 2014, the company had a cash and cash equivalent of 804 million and time deposits held at banks with the maturity over 3 months of 350 million.
This concludes our prepared remarks. We are now ready to take your questions. Operator?
Operator
Thank you. Ladies and gentlemen, we will now enter the questions. Should you wish to ask a question, please press 0 followed by 1 on your touch type phone. If you wish to withdraw your question or your question is already answered, please press 0 followed by 2. I’ll just remind participants on the call, if you wish to ask your question, please press 0 followed by 1 on your touch type phone now.
I apologize to the speakers. Our first question asker was not able to give us their name or their company name when they joined the call. I will put the question asker through and I will ask the question asker if they could please identify themselves by giving us their name and their company name, please.
Peter Cyrus, Private Investor
Yes. My name is Peter.
Chee Jiong Ng, Xiniya’s Chief Financial Officer
Peter?
Peter Cyrus, Private Investor
Yes. I am Peter Cyrus. Hey, C.J.
Chee Jiong Ng, Xiniya’s Chief Financial Officer
Hi, Peter.
Peter Cyrus, Private Investor
Hey, Chris. I am curious I want to understand the overall market. First, do you have any sense as to at retail what the market is doing? Is this the market down in terms of retail sales, not your sales, but sales to the consumer, is it down, is it flat, what’s your assessment of what the retail market itself is doing?
Chee Jiong Ng, Xiniya’s Chief Financial Officer
Hey, I will translate that to Mr. Xu and I will ask Mr. Xu to answer your question.
Mr. Xu said that in terms of the total retail questions, it’s increasing trend, but if you are focusing on the menswear clothing as a whole, there is oversupply situation and inventory as a channel. And with the internet sales that’s impacting the industry, the situations got worsened. We believe this is a consolidation process in the market. We believe in the future the menswear market still has lot of room to grow.
Peter Cyrus, Private Investor
So, let me talk about what you are doing and what other people are doing. I believe that, that what you are doing is the right thing to do, because you have got to clean out the inventory. Are other companies doing the same thing, what’s going on as far as the competition is concerned?
Chee Jiong Ng, Xiniya’s Chief Financial Officer
Okay. He has said that many competitors doing the inventory buyback, they also initiate many discounting and promotional activities to help their retail networks to digest their inventory. He also says certain brands that do not have the financial muscle to do the buyback and the promotional and discount activity for their retail network. So, with that kind of lack of financial strength, it caused a lot of painful process for their network.
