Business
ZK International Group Co., Ltd. Announces Record Revenue of $52.89 Million, an Increase of 6.5% for the First Half of Fiscal Year 2024
WENZHOU, China, Sept. 30, 2024 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) ("ZK International" or the "Company"), a designer, engineer,
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, Sept. 30, 2024 /PRNewswire/ -- ZK International Group Co., Ltd. (ZKIN) (\"ZK International\" or the \"Company\"), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced its unaudited financial results for the six months ended March 31, 2024. \n\n \n \n \n \n \n \n\n \nFinancial Highlights for the First Half of Fiscal Year 2024\nFor the Six Months Ended March 31,\n($ millions, except per share data)\n2024\n2023\n% Change\nRevenue\n$\n52.89\n$\n49.66\n6.50 %\nGross profit\n$\n3.35\n$\n3.17\n5.68 %\nGross margin\n6.33 %\n6.38 %\n-0.05% pp*\nIncome (loss) from operations\n$\n(0.16)\n$\n0.14\n(2.14) %\nOperating margin\n(0.31) %\n0.29 %\n0.60% pp*\nNet loss\n$\n(0.48)\n$\n(0.06)\n-\nDiluted earnings per share\n$\n(0.01)\n$\n0.00\n-\n * pp: percentage point(s)\nRevenue increased 6.50% to a record 52.89 million for the six months ended March 31, 2024 from approximately $49.66 million for the six months ended March 31, 2023. During the first fiscal half of 2024, we observed an increase of demand for our piping products, primarily attributable to the real estate market recovery during the fiscal period. Raw materials price, especially the price of nikel which is an important component of stainless steel, also increased. To minimize the impact the rise of raw material price, we increased our weighted average selling price (\"ASP\") during the period.Gross profit increased by 5.68% to $3.35 million. Gross margin was 6.33%, compared to 6.38% for the same period of the prior fiscal period. The rising costs of raw materials, particularly for stainless steel coil which is a key component of our products, has ourpaced the increase of our ASP which led to a slight decline in gross margin.Loss from operations was $0.16 million, compared to income from operations of $0.14 million for the same period of the prior fiscal year. Operating margin was -0.31%, compared to 0.29% for the same period of the prior fiscal year.Net loss was $0.48 million. This compared to a net loss of $0.06 million for the same period of the prior fiscal year. Financial Results for the First Half of Fiscal Year 2023\nRevenue\nRevenue increased by $3,231,757 or 6.50%, to $52,887,156 for the six months ended March 31, 2024 from $49,655...