Nova LifeStyle, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 12, 2022 at 04:06 pm EDT
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Nova LifeStyle, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported sales was USD 3.81 million compared to USD 3.55 million a year ago. Net loss was USD 5.69 million compared to USD 6.35 million a year ago. Basic loss per share from continuing operations was USD 4.15 compared to USD 5.65 a year ago.
For the six months, sales was USD 7.48 million compared to USD 6.88 million a year ago. Net loss was USD 6.59 million compared to USD 7.11 million a year ago. Basic loss per share from continuing operations was USD 4.8 compared to USD 6.35 a year ago.
Nova LifeStyle, Inc. is a designer and marketer of contemporary styled residential and commercial furniture. The Companyâs family of brands include Nova LifeStyle, Diamond Sofa and Nova Living. Its product lines feature upholstered, wood and metal-based furniture pieces. It classifies its products by room, designation or series, such as living room, dining room, bedroom and home office series, and by category or product types, such as sofas, chairs, dining tables, beds, entertainment consoles, cabinets and cupboards. The Company also sells physiotherapeutic jade mats for use in therapy clinics, hospitality, and real estate projects in Malaysia and other regions in Southeast Asia. Its products are manufactured primarily from medium-density fiberboard (MDF) board, and particleboard covered with veneers or lacquers and combined with other materials, including steel, glass, marble, leather, jade and fabrics. The Company primarily operates in the North America and Asia markets.