Business
E-Home Household Services Holdings Limited Announces Half-Year Results Ended December 31, 2022
FUZHOU, China, May 26, 2023 /PRNewswire/ -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the "Company" or "E-Home"), a provider of integrated
About this update from E-home Household Service Holdings Limited
[{"type":"text","content":"FUZHOU, China, May 26, 2023 /PRNewswire/ -- E-Home Household Service Holdings Limited (Nasdaq: EJH) (the \"Company\" or \"E-Home\"), a provider of integrated household services in China, today announced its financial results for the six months ended December 31, 2022.\nFinancial Highlight\nTotal revenues were $38.88 million for the six months ended December 31, 2022, 14.1% increase compared with December 31, 2021.Cash and cash equivalents were $62.47 million and $54.84 million as of December 31, 2022 and June 30, 2022, respectively.Added Sales of pharmaceutical products, which added $1,380,344 in new revenue.Added Educational consulting services, with revenue of $647,442.Mr. Wenshan Xie, Chairman and CEO of E-Home, commented: \"The past half year has posed great challenges as COVID-19-caused country-wide lockdown adversely affected our business. In particular the pandemic outbreak during October and December 2022 in Fuzhou and other cities of Fujian province, where most of our business are based, has greatly disturbed normal operation of our business. As a result, our total revenue was affected but still reached $38.88 million for the six months ended December 31, 2022.\"\n\"We remain confident in our ability to improve earnings going forward as not only our fundamentals remain strong, we are implementing an expansionary strategic plan in Sales of pharmaceutical products and Educational consulting services. The company also expects these businesses to perform favourably in 2023.\"\nRecent Development\nOn June 14, 2022 and December 20, 2022, the Company and its wholly owned subsidiary, E-Home Hong Kong, entered into equity transfer agreements with Zhongrun, a limited liability company established in China and Ms. Ling Chen, pursuant to which Ms. Chen agreed to transfer 55% and 20% of the equity interests in Zhongrun to E-Home Hong Kong. Zhongrun is a leading operator of pharmaceutical and personal care products in China.\nOn August 2, 2022, E-Home Household Service Holdings Limited (the \"Company\") and the Company's wholly owned Hong Kong subsidiary, E-Home Household Service Holdings Limited (\"E-Home Hong Kong\") entered into an equity transfer agreement with Fujian Chuangying Business Science and Technology Co., Ltd., a limited liability company formed in China (\"Chuangying\") and Mr. Jianying Lin, the sole shareholder of Chu...