Business
ZK International Group Co., Ltd. Announces Record Revenue of $31.5 Million, An Increase of 18.6% for the Fiscal First Half of 2019
WENZHOU, China, Sept. 17, 2019 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer,
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, Sept. 17, 2019 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) (\"ZK International\" or the \"Company\"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its unaudited financial results for the six months ended March 31, 2019. \nRevenue increased 18.6% year-over-year to $31.54 million as compared to $26.60 million Net income attributable to ZK International increased 5.3% year-over-year to $3.84 million as compared to $3.65 million Gross profit decreased 6.4% year-over-year to $8.08 million as compared to $8.63 million; Gross margin decreased to 25.6% as compared to 32.4% for the same period of the last fiscal year Income from operations decreased by 7.1% year-over-year to $4.53 million as compared to $4.87 million; Operating margin decreased to 14.4% as compared to 18.3% for the same period of the last fiscal year A debt settlement with Jiancong Huang, the CEO and Chairman of the Board of the Company, by issuance of 3,280,525 shares of ordinary share at $2.83 per share on August 15, 2018 Earnings per share was $0.23 for the six months ended March 31, 2019, compared to $0.29 for the same period of the last fiscal yearFinancial Highlights for the six months ended March 31, 2019\nMr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, commented, \"Our first half of fiscal year 2019 results reflected the continued strength in sales volume partially offset by decreased weighted average selling prices (\"ASP\") for our products and the depreciation of RMB against US$. As measured in RMB, revenue increased by 23.06% year-over-year to RMB215.4 million despite decrease in blended ASP.\" \nMr. Huang continued, \"Despite continuing headwinds with challenging pricing environment and depreciation of RMB against US Dollar during the second half of fiscal year 2019, our orders book remains strong and we expect it to continue to drive double digits growth in both sales volume and revenue in the second half of fiscal year 2019 as we continue to expand our product portfolio, build our brands and cultivate new customer relations\". \nFinancial Results for the Six Months Ended March 31, 2019\nRevenue\nFor the six months ended March 31, 2019, revenue increased by $4.94 ...