HAIKOU,
China, Aug. 16, 2023 /PRNewswire/ -- JX
Luxventure Limited (Nasdaq: JXJT) (the "Company"), a company
that engages in tourism with business segments covering tourism,
tourism duty-free cross-border merchandise and tourism technology
solutions, today announced financial results for the six
months ended June 30,
2023.
Financial Highlights for the Six Months of 2023
- Significant Profit Reversal: The
Company recorded a net profit of $2,389,400, representing a significant
improvement compared to the same period in 2022 when it reported a
loss of $19,489,022. This marks a
substantial year-over-year increase of $21,878,422 net profit.
- Increase in Net Profit Margin: The
net profit margin for the first half of 2023 was 11%, a remarkable
advancement from the zero net profit margin reported for the first
half of 2022.
- Earnings Per Share Soaring: Earnings
per share for the first half of 2023 were $0.39, a substantial rise from the loss of
$25.5 per share reported for the
first half of 2022. This marks a notable year-over-year increase of
$25.89 per share.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company
commented: "I am pleased to report that our three-year turnaround
strategy, which we began implementing in 2021, has been successful.
Our main goal was to drive rapid revenue growth in the first two
years, with the aim of achieving profitability by 2023. I am
incredibly proud that we have accomplished this milestone.
Our business model has proven its ability
to quickly scale up revenue. Based on fine-tuning the model during
the first 6 months, we reached a net profit margin of
11%.
To adapt to changes in the global economic environment
post-pandemic, we will continue seizing growth opportunities in
cross-border business as markets reopen. While consolidating and
expanding our core tourism related technical services and auto
import/export businesses, we will continue investment in profitable
business lines to ensure the company's financial
resilience.
Additionally, with AI technology becoming a global
development focus, we will make the development and application of
intelligent technologies a key business area this year. We will
continue developing ChatGPT-like products and apply them across the
company to drive cost reductions and efficiency gains.
With these measures and the strong foundation we have
built, I am confident our financial performance will continue
improving in the periods ahead."
The Company today filed its report on Form 6-K for the six
months ended June 30, 2023 (the
"June 2023 Report") with the
Securities and Exchange Commission (the "SEC"). The June 2023 Report can be accessed on the SEC's
website
at http://www.sec.gov.
About JX Luxventure Limited
Headquartered in Haikou, China, JX Luxventure Limited is a company
delivering comprehensive products solutions to global elite
families serviced by our business customers with business segments
covering menswear, cross-border merchandise and tourism.
To learn more about the Company, please visit its corporate
website at en.jxluxventure.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of JX Luxventure Limited, and
its subsidiary companies. All statements, other than statements of
historical fact included herein, are "forward-looking statements"
in nature within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements, often
identified by the use of forward-looking terminology such as
"believes," "expects" or similar expressions, involve known and
unknown risks and uncertainties. Although the Company believes that
the expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. Investors should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements due to a variety of factors,
including those discussed in the Company's periodic reports filed
with the Securities and Exchange Commission and available on its
website
(http://www.sec.gov). All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
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SOURCE JX Luxventure Limited
