Business
ZK International Group Co., Ltd. Announces Record Revenue of $63.9 Million for Fiscal Full Year 2019
As measured in RMB, Revenue Increased by Approximately 22.4% to RMB 439 Million WENZHOU, China, Jan. 31, 2020 /PRNewswire/ -- ZK International Group Co., Ltd.
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"As measured in RMB, Revenue Increased by Approximately 22.4% to RMB 439 Million\n\n\nWENZHOU, China, Jan. 31, 2020 /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 audited financial results for the fiscal year ended September 30, 2019. \nFinancial Highlights for Fiscal Year Ended September 30, 2019\nRevenue increased by $9 million, or 16.4%, year-over-year to a record level of $63.88 million, as compared to $54.88 million for the prior fiscal year. As measured in RMB, revenue increased by approximately 22.4% to RMB 439 million. Gross profit decreased by 14.5% to $15.64 million, as compared to $18.29 million for the prior fiscal year. Gross margin was 24.5%, as compared to 33.3% for the prior fiscal year. Income from operations decreased by 10.1% to $8.65 million, as compared to $9.62 million for the prior fiscal year; Operating margin was 13.5%, as compared to 17.5% for the prior fiscal year. Net income attributable to ZK International increased by 15.5% to $8.11 million, as compared to $7.02 million for the prior fiscal year. Earnings per diluted share was $0.49, as compared to $0.51 for the prior fiscal year. Net book value per share was 2.63, as compared to $2.24 for the prior fiscal year.For the Twelve Months Ended September 30,\n($ millions, except per share data)\n2019\n2018\n% Change\nRevenue\n$63.88\n$54.88\n16.4%\nGross profit\n$15.64\n$18.29\n-14.5%\nGross margin\n24.5%\n33.3%\n-8.8 percentage points\nIncome from operations\n$8.65\n$9.62\n-10.1%\nOperating margin\n13.5%\n17.5%\n-4.0 percentage points\nNet income attributable to ZK International\n$8.11\n$7.02\n15.5%\nDiluted earnings per share\n$0.49\n$0.51\n-3.9%\nMr. Jiancong Huang, Chairman and Chief Executive Officer of ZK International, commented, \"Our record revenue for the fiscal year ended September 30, 2019 highlighted continued strength in our business with significantly increase in overall sales volume, particular for stainless coil and strip, that more than offset the decrease in weighted average selling price (\"ASP\") and the negative impact of RMB depreciation against the US Dollar. As measured in RMB, revenue increased ...