Business
ZK International Group Co., Ltd. Announces Record Revenue of $42.17 Million, an Increase of 4.98% and its Core Business Returns to Profitability in the First Half of Fiscal Year 2021
WENZHOU, China, Aug. 26, 2021 /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, Aug. 26, 2021 /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, 2021. \n\n \n \n \n \n \n \n\n \nFinancial Highlights for the First Half of Fiscal Year 2021\nRevenue increased 4.98% to a record $42.17 million due to increased domestic orders that drove increased sales volume. Gross profit increased by 46.83% to $4.71 million. Gross margin was 11.16%, compared to 7.98% for the same period of the prior fiscal period. The increase of gross profit was primarily due to increased weighted average selling prices of our water and gas piping products as the result of domestic demand recovery of construction materials and piping infrastructure. Loss from operations was $1.65 million, compared to income from operations of $0.34 million for the same period of the prior fiscal year. Operating margin was -3.91%, compared to 0.8% for the same period of the prior fiscal year. The decrease of operating margin was primarily due to one-off developing and marketing expenses incurred for the xSigma trading platform and other newly added business operations. Net loss attributable to ZK International was $0.58 million, or $0.03 per share. This compared to net income attributable to ZK International of $0.09 million, or $0.01 per share, for the same period of the prior fiscal year. Net book value increased to $3.11 per share as of March 31, 2021, compared to $2.66 as of September 30, 2020. For the Six Months Ended March 31,\n($ millions, except per share data)\n2021\n2020\n% Change\nRevenue\n$42.17\n$40.17\n4.98%\nGross profit\n$4.71\n$3.21\n46.83%\nGross margin\n11.16%\n7.98%\n3.18% pp*\nIncome (loss) from operations\n$(1.65)\n$0.34\n-582.45%\nOperating margin\n-3.91%\n0.85%\n-4.76% pp*\nNet income (loss) attributable to ZKInternational\n$(0.58)\n$0.09\n-763.28%\nDiluted earnings per share\n$(0.03)\n$0.01\n-367.92%\nNet book value per share\n$3.11\n$2.66\n16.96%\n* pp: percentage point(s)\nMr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, commented, \"As a Company we continue to grow as we have hit record sales of...