Business
Alset EHome International Inc. Reports Revenue Up 142% to $12.2M for the Six Months Ended June 30, 2021
BETHESDA, MD / ACCESSWIRE / August 19, 2021 / Alset EHome International Inc. (NASDAQ:AEI) ("AEI" the "Group" or "Company"), a diversified holding company
About this update from Alset Inc.
[{"type":"text","content":"BETHESDA, MD / ACCESSWIRE / August 19, 2021 / Alset EHome International Inc. (NASDAQ:AEI) (\"AEI\" the \"Group\" or \"Company\"), a diversified holding company principally engaged through its subsidiaries in the development of EHome communities and other property development, financial services, digital transformation technologies, biohealth activities and consumer products, is pleased to report its financial results for the six months ended June 30, 2021.\"Our real estate and biohealth segments both contributed to our strong performance in the first half of 2021,\" commented the Company's Chairman and Co-Chief Executive Officer, Heng Fai Chan. \"Our team's steadfast execution is evident from our significant top-line growth and I firmly believe we have already established the necessary foundation for sustainable rapid growth in the months ahead.\"Financial Summary:Revenue increased 142% to $12.2 million in the six months ended June 30, 2021, up $7.2 million from the same period of 2020, driven by strong growth in the Company's real estate and biohealth segments.Gross margin increased from $1.0 million to $5.8 million in the six months ended June 30, 2020 and 2021, respectively, driven primarily by sales growth and an increase in gross margins from the biohealth business.In the six months ended June 30, 2021, the Company had other expense of approximately $79.2 million compared to other income of $2.8 million in the six months ended June 30, 2020. The combination of following three non-cash items are the primary reasons for the volatility between these two periods:(a) unrealized loss on securities investment was $30.7 million in six months ended June 30, 2021, compared to $1.6 million gain in the six months ended June 30, 2020; (b) one-time Beneficial Conversion Feature intrinsic value amortization expense of approximately $50.8 million in the six months ended June 30, 2021, compared to finance expense of less than $5,000 in the six months ended June 30, 2020; and (c) foreign exchange transaction gain of approximately $2.4 million during six months ended June 30, 2021, compared to $1.5 million gain during six months ended June 30, 2020Stockholders' equity increased to approximately $115.1 million as of June 30, 2021, up 17.4% from December 31, 2020.Cash increased to approximately $59.5 million as of June 30, 2021, compared to $25...