Business
Tantech Holdings Announces Interim Financial Results for Six Months Ended June 30, 2019
LISHUI, China, Dec. 17, 2019 /PRNewswire/ -- Tantech Holdings Ltd. (NASDAQ: TANH), ("Tantech" or the "Company"), a clean energy company in China, today
About this update from Tantech Holdings Ltd.
[{"type":"text","content":"LISHUI, China, Dec. 17, 2019 /PRNewswire/ -- Tantech Holdings Ltd. (NASDAQ: TANH), (\"Tantech\" or the \"Company\"), a clean energy company in China, today announced its unaudited interim financial results for the six months ended June 30, 2019.\nSix-Month 2019 Financial Highlights\nTotal revenues increased by 40.3% from $14.93 million to $20.95 million. The increase in our total revenue was because of increased sales volume and increased number of customers and distributors. Gross profit decreased by 2.4% from $4.59 million to approximately $4.48 million due to the increased cost of revenue because we lowered our gross margin to obtain more sales channels and market share. As a result, our gross margin decreased by 9.3%. Selling expenses increased by 176.9% from $0.39 million to approximately $1.07 million. The increase was mainly because of more sales activities in order to obtain sale channels and distributors, as well as our recording approximate $0.21 million incentives provided to the customers who made payments for their purchases during the first six months in fiscal 2019. General and administration expenses decreased by 2.5% from $1.52 million to approximately $1.48 million. The decrease was mainly because of lower consulting and professional fees during the first six months in fiscal 2019 compared to the same period last year. Research and development expenses decreased by 70.8% from $0.12 million to approximately $0.04 million. The decrease was because of less research activities during the first six months in fiscal 2019 compared to the same period last year. Other expenses increased by 70% from $0.09 million to approximately $0.16 million. Net income from continuing operation decreased by 43.1% from $2.09 million to approximately $1.19 million. The decrease was mainly due to the increased cost of sales, decreased gross margin and increased selling expenses. Net loss from discontinued operation increased by 50.7% from a net loss of $0.50 million to a net loss of $0.76 million. Net income decreased by 72.9% from $1.59 million to $0.43 million because of the above-mentioned reasons. The Company has reclassified certain amounts on the financial statements for the six months ended June 30, 2018. These reclassifications are related to the revenue and cost allocations between continuing and discontinued operations, as well...