Business
JX Luxventure Limited Announces Record Revenue Financial Results for The Six Months Ended June 30, 2022
The Company expects to turn profitable in 2023 HAIKOU, China, Sept. 9, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the "Company"), a company
About this update from Jx Luxventure Group Inc.
[{"type":"text","content":"The Company expects to turn profitable in 2023\nHAIKOU, China, Sept. 9, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the \"Company\"), a company delivering comprehensive products solutions to global high-net-worth families serviced by our business customers with business segments covering tourism, duty-free cross-border merchandise, eCommerce and B2B SAAS solutions, and menswear, today announced financial results for the six months ended June 30, 2022. \nFinancial Highlights for the Sixth Months of 2022\nDelivered strong top-line growth year over year. Total revenue for the six months ended June 30, 2022 was $52.3 million compared to $12.7 million for the six months ended June 30, 2021, an increase of 312% from last year.Total revenue from the travel and duty-free cross-border merchandize business segments for the first half of 2022 were $51.5 million, compared to $10.2 million for the same period last year.Net cash used in operating activities for the six months ended June 30, 2022, was reduced by $0.2 million, a 6.6% improvement compared to the same period last year.Continued duty-free product portfolio expansion. In the six months ended June 30, 2022, the Company expanded its duty-free cross border merchandise portfolio to include the pet food sector and has signed a US$100 million related contract expected to be completed by end of 2023.Travel and cross-border merchandize business segments are expecting to reach profitability on an adjusted basis in 2022.The Company is expected to turn profitable in 2023 as the global travel industry started to rebound from the impact of the Covid-19 pandemic and the Company has made material improvements and ongoing investments in its business and products. \nMs. Sun \"Ice\" Lei, Chief Executive Officer of the Company commented: \"We hit the ground running and delivered a strong revenue growth in the first half of 2022. This is the third financial reports in a row which we delivered robust growth. We are pleased with the implementation of our turnaround strategy while our menswear business continues its recovery from Covid.\nOur duty-free cross-border team has been moving quickly to identify high quality and in-demand foreign products to introduce to the consumer market in China. In addition, our travel team was able to establish more tangible partnerships with our partners in ...