Business
TROOPS, INC. Announces 2021 Unaudited Interim Financial Results
HONG KONG, Nov. 22, 2021 /PRNewswire/ -- TROOPS, Inc. (Nasdaq: TROO) ("TROOPS" or the "Company"), a conglomerate group of various businesses with its
About this update from Troops, Inc.
[{"type":"text","content":"HONG KONG, Nov. 22, 2021 /PRNewswire/ -- TROOPS, Inc. (Nasdaq: TROO) (\"TROOPS\" or the \"Company\"), a conglomerate group of various businesses with its headquarters based in Hong Kong. The group is principally engaged in (a) money lending business in Hong Kong providing mortgage loans to high quality target borrowers (b) property investment to generate additional rental income and (c) the development, operation and management of an online financial marketplace that provides one-stop financial technology solutions including API services by leveraging artificial intelligence, big data and blockchain, and cloud computing (SaaS). The group's vision is to operate as a conglomerate to build synergy within its own sustainable ecosystem thereby creating value to its shareholders, today announced its unaudited operating results for the six months ended June 30, 2021.\n2021 Interim Results Overview\nRevenue\nOur sales were $1.28 million for the six months ended June 30, 2021, which decreased by $0.26 million, or 16.9% from $1.54 million for the same period of 2020. During the six months ended June 30, 2021, we through 11 Hau Fook Street, Vision Lane and Paris Sky earned property lease and management income of $0.52 million, compared to income of $0.60 million in 2020. We through Giant Credit and First Asia Finance earned interest on loans from money lending services of $0.64 million for the six months ended June 30, 2021, compared to $0.90 million for the same period of 2020. We through GFS and Apiguru earned financial technology solutions and services income of $0.12 million for the six months ended June 30, 2021, compared to $0.04 million for the same period of 2020.\nBelow is the summary presenting the Company's revenues disaggregated by products and services and timing of revenue recognition:\nFor the six months ended June 30,\nRevenue by recognition over time\n2021\n2020\n(Unaudited)\n(Unaudited)\nRevenue by recognition over time\n$\n1,283\n$\n1,536\n$\n1,283\n$\n1,536\n \nFor the six months ended June 30,\nRevenue by major product line\n2021\n2020\n(Unaudited)\n(Unaudited)\nInterest on loans\n$\n642\n$\n901\nProperty lease and management\n521\n596\nFinancial technology solutions and services\n120\n39\n$\n1,283\n$\n1,536\nCost of revenues\nFor the six months ended June 30, 2021, cost of revenues decreased by $0.24 million, or 15.2%...