Income tax provision (benefit) was nil and RMB0.1 for the six months ended Septemand 2022. Dollar against RMB, partially offset by a decrease in government subsidy due to a policy change resulting in a budget deduction for government subsidies to high-tech companies. The increase in income was mainly attributed to increase in exchange gain of U.S. Other expenses (income), net for the six months ended Septemwas net income of RMB6.2 million (US$0.9 million), as compared to net income of RMB1.2 million for the same period of 2021. The increase of RMB2.5 million in selling expense was mainly due to an increase in cargo forwarding and warehousing expenses. Selling expenses consist of salary and benefits, business travel, shipping expenses, entertainment, market promotion and other expenses relating to the Company’s sales and marketing activities. Selling expenses increased by RMB2.5 million, or 152.5%, from RMB1.7 million for the six months ended Septemto approximately RMB4.2 million (US$0.6 million) for the six months ended September 30, 2022. The increase was mainly due to an increase in R&D costs and general and administration expenses incurred in rolling out operations for the Company’s new subsidiaries in Mexico and Guangxi, China. General and administrative expenses increased by RMB10.4 million, or 153.1%, from RMB15.9 million for the six months ended Septemto approximately RMB26.3 million (US$4 million) for the six months ended September 30, 2022. General and administrative expenses consist of salary and benefits to the Company’s accounting, human resources, design and executive office staff, rental expenses, property management and utilities, office supplies and other expenses. Operating expenses increased by RMB8 million, or 49%, from RMB16.3 million for the six months ended Septemto approximately RMB24.3 million (US$3.4 million) for the six months ended September 30, 2022. Overall gross profit margin for the six months ended Septemwas approximately 9.9%, or 1.67% higher, as compared to gross profit margin of 8.2% for the same period of 2021. Gross profit for the six months ended Septemwas approximately RMB12.6 million (US$1.8 million), representing an increase of RMB4.3 million, or 52.2%, from the gross profit of RMB8.3 million for the same period of 2021, as a result of factors discussed above. The increase was in line with the increase in sales volume. The increase was primarily attributable to the increase in OEM/ODM sales orders from Mexico, which represented over 21% of our revenue.Ĭost of sales for the six months ended Septemwas approximately RMB115.2 million (US$16.2 million), an increase of RMB22.5 million, or 24.1%, from RMB92.7 million for the same period of 2021. Revenue for the six months ended Septemwas approximately RMB127.8 million (US$18 million), an increase of RMB26.7 million, or 26.5%, from RMB101.1 million for the same period of 2021. Consequently, our revenue was affected by fluctuations in the exchange rate between US dollar and RMB.įirst Six Months of Fiscal Year 2023 Financial Results The exchange rate between the RMB and US Dollar considerably affected the Company’s financial results, as more than 50% of our products were sold to customers outside of mainland China.The increase in net loss was mainly due to an increase of selling expenses, R&D expenses and general and administration expenses, partially offset by an increase in gross profit. Net loss reached approximately RMB15.6 million (US$2.2 million), compared to net loss of RMB9.3 million during the same period last year, representing a 67% increase.Gross profit margin increased from 8.2% to 9.9%, primarily due to an increase in sales of newly introduced, higher end models of feature phones and smart phones, and a decrease in purchase price of key raw materials.Revenue from Original Equipment Manufacturer (“OEM”) and Original Design Manufacturer (“ODM”) services increased from RMB100.2 million to approximately RMB127.7 million (US$18.0 million), representing a 27.4% increase.NEW YORK, Ma(GLOBE NEWSWIRE) - UTime Limited (“UTime” or the “Company”) (Nasdaq: UTME), a mobile device manufacturing company committed to providing cost effective products and solutions to consumers globally and helping low-income individuals from established and emerging markets, have better access to updated mobile technology, today announced its financial results for the first six months of fiscal year 2023 ended September 30, 2022.įirst Six Months of Fiscal Year 2023 Financial and Operational HighlightsĪll financial figures are in US Dollars unless otherwise noted.
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