Selling expenses consist of salary and benefits, business travel, shipping expenses, entertainment, market promotion and other expenses relating to the Company's sales and marketing activities. Selling expenses decreased by RMB0.2 million, or 10.5%, from RMB1.9 million for the six months ended Septemto RMB1.7 million (US$0.3 million) for the six months ended September 30, 2021. The increase of RMB 2.8 million was mainly due to the compensation for our independent directors since Apand R&D related expenses. General and administrative expenses consist of salary and benefits to the Company's accounting, human resources, design and executive office staff, rental expenses, property management and utilities, office supplies and other expenses. Operating expenses increased by RMB1.2 million, or 7.7%, from RMB15.2 million for the six months ended Septemto RMB16.3 million (US$2.5 million) for the six months ended September 30, 2021. ![]() Overall gross profit margin for the six months ended Septemwas 8.22%, or 4.71 percentage points lower, as compared to gross profit margin of 12.93% for the same period of 2020. Gross profit for the six months ended Septemwas RMB8.3 million (US$1.3 million), representing a decrease of RMB14.9 million, or 64.2%, from the gross profit of RMB23.2 million for the same period of 2020 as a result of factors mentioned above. The decrease was in line with the decrease of revenue. The decrease was primarily attributable to the decrease in OEM/ODM sales by RMB28.9 million and non-recurring sales of face masks by RMB45.6 million, as well as the decrease of in-house brand sales by RMB3.8 million.Ĭost of sales for the six months ended Septemwas RMB92.7 million (US$14.3 million), a decrease of RMB63.4 million, or 40.6%, from RMB156.1 million for the same period of 2020. Revenue for the six months ended Septemwas RMB101.1 million (US$15.6 million), a decrease of RMB78.2 million, or 43.6%, from RMB179.3 million for the same period of 2020. Bao also pointed that the Company had made a few adjustments accordingly, including shortening payment cycles, switching focus to higher margin products such as smart phones and touch panels, rescheduling production plans to avoid inventory shortage and developing new markets like Africa to respond the situation.įirst Six Months of Fiscal Year 2022 Financial Results "We have had to choose our customer orders more carefully to reduce the risk of the increasing purchase price, which consumes our profit from future orders and even the existing orders." Mr. Minfei Bao, Chairman and Chief Executive Officer of the Company, noted that the tremendous cost increase of key components, especially in ICs and screens, had considerable impact to the Company. Decrease mainly due to the drop of OEM/ODM sales in China and non-recurring orders of face masks sales in the South America, and decrease of in-house brand product in India.Įxchange rate between RMB and US Dollar considerably affected the Company's financial results, as more than 50% of our products were sold to customers outside of mainland China, and the exchange rate between the Indian Rupee and US Dollar considerably affected financial results relating to one of the Company's primary subsidiaries, Do Mobile India Private Ltd., which operates in India. ![]() Net loss reached RMB9.3 million (US$1.4 million), compared to net income of RMB 7.0 million during the same period last year. Gross profit margin decreased from 12.8% to 8.2% primarily due to significant increase in raw material prices, especially in integrated circuit ("IC") and screens. Revenue contribution increased from 4% to 13.5%. Rapid growth in Africa, especially established OEM/ODM clients. Revenue from Original Equipment Manufacturer ("OEM") and Original Design Manufacturer ("ODM") services decreased from RMB129.0 million to RMB100.2 million (US$15.4 million), a 22% decrease mainly due to the decrease in sales of feature phones and smart phones. ![]() ![]() Shenzhen, China, March 30, 2022/PRNewswire/ - UTime Limited ("UTime" or the "Company") (Nasdaq: UTME), a mobile device manufacturing company committed to providing cost effective products and solutions to consumers globally and helping low-income individuals from established and emerging markets, have better access to updated mobile technology, today announced its financial results for the first six months of fiscal year 2022 ended September 30, 2021.įirst Six Months of Fiscal Year 2022 Financial and Operational HighlightsĪll financial figures are in US Dollars unless otherwise noted. UTime Announces Financial Results for The First Six Months
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