Business
Oriental Culture Holding LTD Announces First Half Year of 2022 Unaudited Financial Results
HONG KONG, Dec. 23, 2022 (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, Dec. 23, 2022 (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 unaudited financial results for the six months ended June 30, 2022. First Half Year of 2022 Financial Highlights Total revenues were approximately $17.0 million for the six months ended June 30, 2022, compared with the total revenues of approximately $24.5 million for the six months ended June 30, 2021.Gross profit was approximately $16.0 million for the six months ended June 30, 2022, compared with approximately gross profit of $23.1 million for the six months ended June 30, 2021.Gross margin was 93.7% for the six months ended June 30, 2022, compared with a gross margin of 94.3% for the six months ended June 30, 2021.Income from operations was approximately $5.1 million for the six months ended June 30, 2022, compared with income from operations of approximately $9.7 million for the six months ended June 30, 2021.Net income was approximately $5.6 million for the six months ended June 30, 2022, compared with net income of approximately $10.1 million for the six months ended June 30, 2021. Impact of COVID-19 Beginning in late 2019, there was an outbreak of COVID-19 (coronavirus) which spread quickly across many parts of China, the U.S. and worldwide. In March 2020, the World Health Organization declared the COVID-19 as a pandemic. Although the COVID-19 has mostly under control worldwide, the outbreak of the Omicron variant has resulted in quarantines, travel restrictions, and the temporary closure of stores and business facilities in many part of China for the first few months in 2022. Our business and results of operations have been affected due to office closures and disruption in logistics in various parts of China. China has recently started easing the strict lockdown procedures in early December, which has led to surge in COVID infections and disrupt our business operations. Any future impact of COVID-19 on our operation results will depend on, to a large extent, future developments and new information that may emerge regarding the duration and resurgence of COVID-19 variants and the actions taken by government authorities to contain COVID-19 or treat its impact, almost all of which are beyond our control. Recent Devel...