Certain statements included in this presentation, other than statements of historical fact, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "might", "can", "could", "will", "would", "anticipate", "believe", "continue", "estimate", "expect", "forecast", "intend", "plan", "seek", or "timetable". These forward-looking statements, which are subject to risks, uncertainties, and assumptions, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business and the industry in which we operate. These statements are only predictions based on our current expectations about future events. There are several factors, many beyond our control, which could cause results to differ materially from our expectation. These risk factors are described in our Annual Report on Form 20-F and in our Current Reports filed on Form 6-K from time to time and are incorporated herein by reference. Any of these factors could, by itself, or together with one or more other factors, adversely affect our business, results of operations or financial condition. There may also be other factors currently unknown to us, or have not been described by us, that could cause our results to differ from our expectations. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. You should not rely upon forward-looking statements as predictions of future events. These forward-looking statements apply only as of the date of this presentation; as such, they should not be unduly relied upon as circumstances change. Except as required by law, we are not obligated, and we undertake no obligation, to release publicly any revisions to these forward-looking statements that might reflect events or circumstance occurring after the date of this presentation or those that might reflect the occurrence of unanticipated events.
Challenging Financial and Operating Environment
All of our PRC lenders have demanded us to repay their respective outstanding loans immediately due to the significant uncertainty on share ownership and the potential changes in the Board of Directors of the Company. The Company has been in an ongoing dialogue with the lenders to appease them from taking further legal actions, while exploring other potential lenders for refinancing.
In addition, the lenders have suspended fund withdrawal of some of our bank accounts in light of freezing orders issued by the relevant PRC courts regarding some lawsuits filed by our suppliers, resulting in a liquidity crunch in our operations. As a result, the Company is unable to meet the progress payment of our contractors and suppliers, causing delays in the construction in progress and disrupting the day-to-day operations.
Further, some of our suppliers and contractors have also taken legal actions against the Company for the outstanding payments. In general, our suppliers and contractors have imposed more stringent payment terms, further exacerbating the liquidity of the Company.
The Company has been operating in this challenging environment, while striving to meet the completion schedule of Nam Tai Inno Park and the commencement of pre-sale of Nam Tai • Longxi.
Q2 2021 Financial Results
Revenue was $9.5 million in the second quarter of 2021, an increase of $8.7 million year-on-year.
Net loss from operations was $0.3 million in the second quarter of 2021, reduced from net loss from operations of $4.5 million in the second quarter of 2020.
Consolidated net loss was $0.3 million in the second quarter of 2021, reduced from consolidated net loss from operations of $3.8 million in the second quarter of 2020.
Real estate properties under development, net was $336.1 million as of June 30, 2021, an increase of $23.9 million from the end of 2020.
Nam Tai Property Inc. published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 13:38:10 UTC.