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Oriental Culture Holding LTD Announces 2020 Fiscal Year Financial Results
HONG KONG, April 30, 2021 (GLOBE NEWSWIRE) -- Oriental Culture Holding LTD. (“OCG” or the “Company”) (NASDAQ: OCG), a leading online provider of collectibles
About this update from Oriental Culture Holding Ltd
[{"type":"text","content":"HONG KONG, April 30, 2021 (GLOBE NEWSWIRE) -- Oriental Culture Holding LTD. (“OCG” or the “Company”) (NASDAQ: OCG), a leading online provider of collectibles and artwork e-commerce services, today announced its financial results for the fiscal year ended December 31, 2020. Key Financial Highlights for Fiscal Year 2020: Operating revenues increased by $4.0 million or 29.7% from $13.4 million in fiscal year 2019 to $17.4 million in fiscal year 2020.Gross profit was $14.8 million in 2020 as compared to $12.1 million in 2019, representing a 22.1% growth from the same period in 2019.Net income was $2.0 million in 2020, a decline of $7.1 million or 77.5% from $9.1 million in the same period of 2019. For the Fiscal Years Ended December 31,($ millions, except per share data)2020 2019 % ChangeRevenue $17.4 $13.4 29.7%Gross profit $14.8 $12.1 22.1%Gross margin 85.1% 90.3% -5.2 percentage pointsIncome from operations$1.65 $8.98 -81.7%Operating profit margin 9.5% 67.0% -57.5 percentage pointsNet income$2.0 $9.1 -77.5%Earnings per share$0.13 $0.64 -79.6%Net book value per share $2.15 $0.92 133.7% The information in this press release is subject to the more complete presentation set forth in in our Annual Report on Form 20-F for the period ended December 31, 2020 which will be filed with the Securities and Exchange Commission on April 30, 2021. Mr. Lewis Wan, Chairman of the Board of Directors of the Company commented, “As Covid-19 vaccines become available to wider community in the world, we believe a global economic recovery in 2021 is around the corner. With quantitative easing and low interest rate, capital flow and world economy will likely head for a change. We believe that as money pours into the market as a common tool to stimulate economic growth, the scarcest asset will not be cash but real, liquid assets, especially those are valued in RMB considering the growth in China. The products traded on OCG’s platforms are both valued in RMB, and are liquid assets that worth investing in with high collection values.” “The online artwork and collectible trading markets will continue to attract strong investor interests as investor and collector confidence grows with the rise of China’s economy and the middle class. OCG rides on the right industry cycle and is confident that the Company’s long-term performance will benefit from the capital in...