Business
Antelope Enterprise Announces First Half 2021 Financial Results
JINJIANG, China, Sept. 30, 2021 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) ("Antelope Enterprise" or the "Company"), a
About this update from Antelope Enterprise Holdings Limited
[{"type":"text","content":"JINJIANG, China, Sept. 30, 2021 /PRNewswire/ -- Antelope Enterprise Holdings Limited (NASDAQ Capital Market: AEHL) (\"Antelope Enterprise\" or the \"Company\"), a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings, today announced its financial results for the six months ended June 30, 2021.\nFirst Half 2021 Summary\nRevenue was RMB 50.1 million (US$ 7.7 million) as compared to RMB 39.8 million (US$ 5.6 million) for the same period of 2020. Gross loss was RMB 6.5 million (US$ 1.0 million) as compared to gross profit of RMB 0.9 million (US$ 0.1 million) for the same period of 2020. Operating results were affected by bad debt expense of RMB 49.8 million (US$ 7.7 million) for the six months ended June 30, 2021, as compared to bad debt expense of RMB 101.8 million (US$ 14.4 million) for the same period of 2020. Net loss was RMB 70.8 million (US$ 10.9 million) for the six months ended June 30, 2021, as compared to a net loss of RMB 111.5 million (US$ 15.8 million) for the same period of 2020. Loss per share both on a basic and fully diluted basis was RMB 16.24 (US$ 2.51) for the six months ended June 30, 2021, as compared to a loss per share on a basic and fully diluted basis of RMB 40.82 (US$ 5.77) for the six months ended June 30, 2020, with the latter figures retroactively presented for the 3:1 reverse stock split effective September 3, 2020.Ms. Meishuang Huang, Chief Executive Officer of Antelope Enterprise, commented, \"For the first half of 2021, we experienced challenging market conditions due to the slowdown of the real estate sector in China which was still being impacted by the continued effects of the COVID-19 pandemic. Our sustained marketing efforts during this period enabled us to realize an 11% increase in sales volume in the first half of fiscal 2021 as compared to the same period of 2020. We made a strategic decision to sell products already in inventory at available market prices that fell below our costs of production which hindered our profitability for the first half of 2021. However, this will help us to shift the momentum of the company towards future growth.\"\n\"For the first half of 2021, we utilized production facilities capable of producing 1.1 million square meters of ceramic tiles per year out of effective an...