JXJT Notes
JX Luxventure Limited Announces Record Revenue Financial Results for The Six Months Ended June 30, 2022
PR Newswire
HAIKOU, China, Sept. 9, 2022
The Company expects to turn profitable in 2023
HAIKOU, China, Sept. 9, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the "Company"), a company delivering comprehensive products solutions to global high-net-worth families serviced by our business customers with business segments covering tourism, duty-free cross-border merchandise, eCommerce and B2B SAAS solutions, and menswear, today announced financial results for the six months ended June 30, 2022.
Financial Highlights for the Sixth Months of 2022
-- Delivered strong top-line growth year over year. Total revenue for the
six months ended June 30, 2022 was $52.3 million compared to $12.7
million for the six months ended June 30, 2021, an increase of 312% from
last year.
-- Total revenue from the travel and duty-free cross-border merchandize
business segments for the first half of 2022 were $51.5 million, compared
to $10.2 million for the same period last year.
-- Net cash used in operating activities for the six months ended June 30,
2022, was reduced by $0.2 million, a 6.6% improvement compared to the
same period last year.
-- Continued duty-free product portfolio expansion. In the six months ended
June 30, 2022, the Company expanded its duty-free cross border
merchandise portfolio to include the pet food sector and has signed a
US$100 million related contract expected to be completed by end of 2023.
-- Travel and cross-border merchandize business segments are expecting to
reach profitability on an adjusted basis in 2022.
The Company is expected to turn profitable in 2023 as the global travel industry started to rebound from the impact of the Covid-19 pandemic and the Company has made material improvements and ongoing investments in its business and products.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "The signing of this Agreement is significant for us as we enter into the 4th quarter of 2022 in a rapidly evolving macro environment. Following the execution of this Agreement, we have signed over US$160,000,000 contracts since March of 2022, which enables us to achieve strong revenue growth as a result of our business transformation.
