Business
JX Luxventure Limited Announces Financial Results for The Six Months Ended June 30, 2023: The Company Achieved profitability in 2023 with Net Profit increase of $21,878,422 and Earnings Per Share increase of $25.89 From 2022
HAIKOU, China, Aug. 16, 2023 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: JXJT) (the "Company"), a company that engages in tourism with business segments
About this update from Jx Luxventure Group Inc.
[{"type":"text","content":"HAIKOU, China, Aug. 16, 2023 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: JXJT) (the \"Company\"), a company that engages in tourism with business segments covering tourism, tourism duty-free cross-border merchandise and tourism technology solutions, today announced financial results for the six months ended June 30, 2023. \nFinancial Highlights for the Six Months of 2023\nSignificant Profit Reversal: The Company recorded a net profit of $2,389,400, representing a significant improvement compared to the same period in 2022 when it reported a loss of $19,489,022. This marks a substantial year-over-year increase of $21,878,422 net profit.Increase in Net Profit Margin: The net profit margin for the first half of 2023 was 11%, a remarkable advancement from the zero net profit margin reported for the first half of 2022. Earnings Per Share Soaring: Earnings per share for the first half of 2023 were $0.39, a substantial rise from the loss of $25.5 per share reported for the first half of 2022. This marks a notable year-over-year increase of $25.89 per share.Ms. Sun \"Ice\" Lei, Chief Executive Officer of the Company commented: \"I am pleased to report that our three-year turnaround strategy, which we began implementing in 2021, has been successful. Our main goal was to drive rapid revenue growth in the first two years, with the aim of achieving profitability by 2023. I am incredibly proud that we have accomplished this milestone. Our business model has proven its ability to quickly scale up revenue. Based on fine-tuning the model during the first 6 months, we reached a net profit margin of 11%. \nTo adapt to changes in the global economic environment post-pandemic, we will continue seizing growth opportunities in cross-border business as markets reopen. While consolidating and expanding our core tourism related technical services and auto import/export businesses, we will continue investment in profitable business lines to ensure the company's financial resilience. \nAdditionally, with AI technology becoming a global development focus, we will make the development and application of intelligent technologies a key business area this year. We will continue developing ChatGPT-like products and apply them across the company to drive cost reductions and efficiency gains. \nWith these measures and the strong foundation we have built, I am ...