Overview:
- Revenue was approximately
US$14.6 million for the six months endedSeptember 30, 2023 , representing a decrease of approximately 34.9% from the same period in 2022. - Net income was approximately
US$1.4 million for the six months endedSeptember 30, 2023 (2022: approximatelyUS$3.4 million ).
Six Month Financial Results Ended
Revenue. Revenue decreased by approximately 34.9% from approximately
Selling, general and administrative expenses. Selling, general and administrative expenses increased by approximately 22% from approximately
Other income, net. Other net income decreased by approximately
Income tax expense. Income tax expense decreased to
Net income. Net income decreased by approximately
Basic and diluted EPS. Basic and diluted EPS were approximately
Liquidity and Capital Resources
As of
Off-Balance Sheet Arrangements
The Company does not have any off-balance sheet arrangements, including arrangements that would affect its liquidity, capital resources, market risk support, credit risk support, or other benefits.
About
Safe Harbor Statement
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the
ir@j-long.com +852 3693 2110
J-LONG GROUP LIMITED UNAUDITED CONSOLIDATED BALANCE SHEETS | |||||||
As of | |||||||
2023 | 2023 | ||||||
USD | USD | ||||||
(Audited) | (Unaudited) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | 5,959,927 | 768,159 | |||||
Accounts receivable, net | 2,085,776 | 1,905,455 | |||||
Accounts receivable, net – related parties | 17,562 | 66,298 | |||||
Investment in marketable debt securities | 243,284 | 44,070 | |||||
Inventories | 5,785,616 | 6,676,754 | |||||
Notes receivable | 393,442 | - | |||||
Prepaid expenses and other current assets, net | 126,208 | 248,219 | |||||
Due from related parties | 2,109,768 | 7,309,404 | |||||
Total current assets | 16,721,583 | 17,018,359 | |||||
Property, plant and equipment, net | 2,367,136 | 2,313,122 | |||||
Right-of-use assets – Operating lease | 447,475 | 262,831 | |||||
Deferred cost | 989,793 | 1,079,762 | |||||
Deferred tax assets | 79,626 | 79,626 | |||||
Total non-current assets | 3,884,030 | 3,735,341 | |||||
TOTAL ASSETS | 20,605,613 | 20,753,700 | |||||
Liabilities | |||||||
Current liabilities: | |||||||
Bank loans – current | 626,657 | 626,657 | |||||
Operating lease liabilities – current | 7,151 | - | |||||
Operating lease liabilities – current – related parties | 359,658 | 258,322 | |||||
Accounts payable, accruals and other current liabilities | 3,167,676 | 3,169,449 | |||||
Accounts payable – related parties | 2,382,072 | 1,625,969 | |||||
Contract liabilities | 231,475 | - | |||||
Due to related parties | 240,375 | 158,182 | |||||
Income taxes payable | 140,236 | 420,731 | |||||
Total current liabilities | 7,155,300 | 6,259,310 | |||||
Non-current liabilities | |||||||
Bank loans – non-current | 2,014,375 | 1,715,472 | |||||
Operating lease liabilities – non-current – related parties | 88,139 | 11,646 | |||||
Total non-current liabilities | 2,102,514 | 1,727,118 | |||||
TOTAL LIABILITIES | 9,257,814 | 7,986,428 | |||||
Commitments and contingencies | — | — | |||||
Shareholders’ equity | |||||||
Ordinary shares | 1,125 | 1,125 | |||||
256,410 | 256,410 | ||||||
Accumulated other comprehensive income/(loss) | (414 | ) | (414 | ) | |||
Retained earnings | 11,090,678 | 12,510,151 | |||||
Total shareholders’ equity | 11,347,799 | 12,767,272 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 20,605,613 | 20,753,700 |
J-LONG GROUP LIMITED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||
For the six months ended | ||||||
2022 | 2023 | |||||
USD | USD | |||||
(Unaudited) | (Unaudited) | |||||
Revenues | 22,384,724 | 14,571,703 | ||||
Cost of sales | 16,579,568 | 10,589,566 | ||||
Gross profit | 5,805,156 | 3,982,137 | ||||
Operating expenses: | ||||||
Selling and marketing expenses | 1,040,775 | 1,037,531 | ||||
General and administrative expenses | 966,350 | 1,411,237 | ||||
Total operating expenses | 2,007,125 | 2,448,768 | ||||
Income from operations | 3,798,031 | 1,533,369 | ||||
Other income (expenses): | ||||||
Other income (expenses) | 183,497 | 25,816 | ||||
Currency exchange gain | 124,306 | 222,203 | ||||
Interest (expenses) income, net | (45,255 | ) | (81,420 | ) | ||
Total other income (expense) | 262,548 | 166,599 | ||||
Income before tax expense | 4,060,579 | 1,699,968 | ||||
Income tax expense | 670,013 | 280,495 | ||||
Net income | 3,390,566 | 1,419,473 | ||||
Other comprehensive income/(loss) | ||||||
Unrealized gain (losses) on investment in marketable debt securities, net of tax | - | - | ||||
Total comprehensive income | 3,390,566 | 1,419,473 | ||||
Net income per share attributable to ordinary shareholders | ||||||
Basic and diluted | 0.11 | 0.05 | ||||
Weighted average number of ordinary shares used in computing net income per share | ||||||
Basic and diluted | 30,000,000 | 30,000,000 |
![](https://ml.globenewswire.com/media/ZmQ5MTc2NDYtN2YxOC00NDU3LTljMmUtNWZkNTVkOTYwODk2LTUwMDEyMTA2OA==/tiny/J-Long-Group-Limited.png)
2024 GlobeNewswire, Inc., source