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03.09.2021 09:00
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KBS Fashion Group Limited Announces First Half of 2021 Financial Results
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PR Newswire
SHISHI, China, Sept. 3, 2021
SHISHI, China, Sept. 3, 2021 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China and through the brand of Luxventure, engaging in cross-border merchandise, airfare and tourism business, today announced its unaudited financial results for the first half of fiscal year 2021 ended June 30, 2021.
Financial Highlights
Total revenues for the first half of 2021 were $12.7 million compared to $4.5 million for the same periods in 2020. It is an increase of 183% from the same period in 2020 and exceeded the full year revenue of 2020 by 17%.
Total revenue from tourism, airfare and cross-border merchandize business segments for the first half of 2021 were $10.2 million compared to 0 million for the same periods in 2020.
Gross margin for the first half of 2021 were 6% compared to 26% for the same periods in 2020.
GAAP net loss and diluted loss per share for the first half year of 2021 were $5.0 million and $1.21, respectively, compared to net loss and diluted loss per share of $3.1 million and $1.21, respectively, for the same period in 2020.
Working capital was $13.3 million as of June 30, 2021. Cash and restricted cash totaled $14.1 million as of June 30, 2021.
Ms. Sun Lei, Chief Executive Officer of the Company, stated, "Our revenue for this period exceeds revenue of the same period in 2020 by 183% and exceeds the revenue of entire year of 2020 by 17%. The increase in revenue is due to the acquisition of Flower Crown, which added three new segments to our business through the Luxventure brand. Flower Crown has been in full business operation for less than a year and it has generated almost $12 million revenue. We are more than pleased with the accelerated growth of Flower Crown. We look forward to Flower Crown continuing its revenue contribution, while our clothing business recovers from the impact of COVID-19. "
| | As at June 30, | | As at December 31, |
| | 2021 | | 2020 |
| Non-current assets | | | |
| Property, plant and equipment, net | 2,778,426 | | 2,837,609 |
| Investment property, net | 8,091,037 | | 8,274,195 |
| Prepayments and premiums under operating leases | 2,828,252 | | 2,339,406 |
| Land use rights | 603,830 | | 604,970 |
| Deferred tax assets | 18,270,070 | | 16,960,839 |
| | 32,571,615 | | 31,017,019 |
| Current assets | | | |
| Inventories | 2,199,904 | | 1,854,997 |
| Trade receivables | 9,279,256 | | 11,352,617 |
| Other receivables and prepayments | 784,833 | | 1,549,002 |
| Related party receivables | 298,218 | | - |
| Prepayments and premiums under operating leases | 87,837 | | 80,494 |
| Cash and cash equivalents | 14,104,354 | | 16,621,290 |
| | 26,754,402 | | 31,458,400 |
| Total assets | 59,326,017 | | 62,475,419 |
| | | | |
| Current liabilities | | | |
| Short term bank loans | 1,160,973 | | 1,148,959 |
| Trade and other payables | 2,027,930 | | 5,356,542 |
| Dividend Payable | 7,149,996 | | - |
| Due to related parties | - | | 1,132,811 |
| Contract liabilities | 186,627 | | 257,529 |
| Income tax payable | 2,958,083 | | 47,916 |
| | 13,483,609 | | 7,943,757 |
| Total liabilities | 13,483,609 | | 7,943,757 |
| | | | |
| Equity | | | |
| Share capital | 575 | | 341 |
| Share premium | 14,160,013 | | 11,312,643 |
| Revaluation reserve | 184,272 | | 184,272 |
| Statutory surplus reserve | 6,084,836 | | 6,084,836 |
| Retained profits | 28,305,558 | | 40,406,391 |
| Foreign currency translation reserve | (2,892,845) | | (3,456,821) |
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