Business
TDH Holdings, Inc. Reports First Half 2021 Financial Results
QINGDAO, China, Dec. 10, 2021 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that specializes in the
About this update from Tdh Holdings, Inc.
[{"type":"text","content":"QINGDAO, China, Dec. 10, 2021 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) (\"TDH\" or the \"Company\"), a PRC-based company that specializes in the development, manufacturing and sales of pet food products in China and beyond, announced today its financial results for the six months ended June 30, 2021.\nFirst Half 2021 Unaudited Financial Highlights:\nFor the Six Months Ended June 30\n($ millions, except per share data)\n2021\n2020\n% Change\nRevenues\n$\n0.13\n$\n0.28\n-52.46\n%\nGross profit (loss)\n$\n(0.18)\n$\n(0.07)\n148.27\n%\nGross profit (loss) margin\n-138.46\n%\n-25.0\n%\n-113.46 pp\n*\nOperating loss\n$\n(1.17)\n$\n(0.97)\n20.23\n%\nOperating loss margin\n-867.74\n%\n-343.10\n%\n-524.64 pp\n*\nNet loss attributable to common stockholders\n$\n(0.94)\n$\n(0.6)\n-56.09\n%\nLoss per share - basic and diluted\n$\n(0.02)\n$\n(0.01)\n-100\n%\n* pp: percentage points\n \nRevenues decreased by 52.46% to $0.13 million for the first half of 2020. The decrease of revenue in the six months ended June 30, 2021 was mainly due to the following facts: (1) decrease in sales orders due to our uncompetitive sales price which became less attractive to our customers; (2) suspension of our overseas E-commerce business due to the estimated gross loss; (3) The negative impact from suspension of our production and operations in November 2019 due to our default on loan repayments to financial institutions, claims from our suppliers and creditors and labor arbitration derived from our reduction in the number of employees. The COVID-19 outbreak and further spread caused disruption in our supply chain, transportation and our sales activities. As a result, we had the inability to fulfil customer orders on a timely manner and we received reduced sales orders from our customers and our sales volume decreased in six months ended June 30, 2021 as compared to the same period of 2020. Gross loss was $ 0.18 million for the first half of 2020, compared to gross profit of $0.07 million for the same period of the prior year. Operating loss was $1.17 million for the first half of 2021, compared to operating loss of $0.97 million for the same period of the prior year. The increase in operating loss was mainly due to decreased revenue and increased general and administrative expenses because of higher consulting service fees incurred during six months e...