ReTo Eco-Solutions, Inc. Announces First Half 2019 Financial Results

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[{"type":"text","content":" BEIJING--(BUSINESS WIRE)--\nReTo Eco-Solutions, Inc. (NASDAQ:RETO) (“ReTo” or the “Company”), a manufacturer and distributor of eco-friendly construction materials as well as equipment used for the production of these eco-friendly construction materials, and consultation, design, project implementation and construction of urban ecological environments including those for the purpose of capturing, controlling and reusing rainwater, commonly called “sponge cities”, today announced its financial results for the six months ended June 30, 2019.\n\n\nFirst Half 2019 Financial Highlights \n\n\n\n\n \n\n\n\n \n\n\n\nFor the Six Months Ended June 30,\n\n\n\n\n\n($ millions, except per share data)\n\n\n\n \n\n\n\n2019\n\n\n\n \n\n\n\n \n\n\n\n2018\n\n\n\n \n\n\n\n \n\n\n\n% Change\n\n\n\n\n\nRevenues\n\n\n\n \n\n\n\n$\n\n\n\n18.51\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n19.14\n\n\n\n \n\n\n\n \n\n\n\n(3.3)%\n\n\n\n\n\nGross profit\n\n\n\n \n\n\n\n$\n\n\n\n4.18\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n10.41\n\n\n\n \n\n\n\n \n\n\n\n(59.8)%\n\n\n\n\n\nGross margin\n\n\n\n \n\n\n\n \n\n\n\n22.6\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n54.4\n\n\n\n%\n\n\n\n \n\n\n\n-31.8 percentage points\n\n\n\n\n\nOperating (loss) income\n\n\n\n \n\n\n\n$\n\n\n\n(2.59)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n3.33\n\n\n\n \n\n\n\n \n\n\n\n(178.0)%\n\n\n\n\n\nOperating margin\n\n\n\n \n\n\n\n \n\n\n\n(14.01)\n\n\n\n%\n\n\n\n \n\n\n\n \n\n\n\n17.4\n\n\n\n%\n\n\n\n \n\n\n\n-31.4 percentage points\n\n\n\n\n\nNet (loss) income attributable to ReTo\n\n\n\n \n\n\n\n$\n\n\n\n(3.01)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n2.19\n\n\n\n \n\n\n\n \n\n\n\n(259.0)%\n\n\n\n\n\nDiluted (loss) earnings per share\n\n\n\n \n\n\n\n$\n\n\n\n(0.15)\n\n\n\n \n\n\n\n \n\n\n\n$\n\n\n\n0.09\n\n\n\n \n\n\n\n \n\n\n\n(265.6)%\n\n\n\n\n\n\nRevenues decreased by 3.3% to $18.51 million primarily due to the depreciation of the renminbi (RMB) against the US dollar. Without considering the impact of foreign exchange, revenue in RMB increased 3.8% for the six months ended June 30, 2019, as compared to the same period of last year.\n\n\nGross profit decreased by 59.8% to $4.18 million while gross margin decreased by 31.8% to 22.6%. The decrease was primarily attributable to the lower selling prices for our products and higher raw material costs.\n\n\nLoss from operations was $2.59 million as compared to income from operatio...

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