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03/10/2024 , 13:29 News powered by QuoteMedia Antelope Enterprise Announces First Half 2021 Financial Results PR Newswire JINJIANG , China , Sept. 30 , 2021 / PRNewswire / -- Antelope Enterprise Holdings Limited ( NASDAQ Capital Market : AEHL ) ( " Antelope Enterprise " or the " Company " ) , a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings , today announced its financial results for the six months ended June 30 , 2021 . First Half 2021 Summary • Revenue was RMB 50.1 million ( US $ 7.7 million ) as compared to RMB 39.8 million ( US $ 5.6 million ) for the same period of 2020 . • Gross loss was RMB 6.5 million ( US $ 1.0 million ) as compared to gross profit of RMB 0.9 million ( US $ 0.1 million ) for the same period of 2020 . • Operating results were affected by bad debt expense of RMB 49.8 million ( US $ 7.7 million ) for the six months ended June 30 , 2021 , as compared to bad debt expense of RMB 101.8 million ( US $ 14.4 million ) for the same period of 2020 . • Net loss was RMB 70.8 million ( US $ 10.9 million ) for the six months ended June 30 , 2021 , as compared to a net loss of RMB 111.5 million ( US $ 15.8 million ) for the same period of 2020 . • Loss per share both on a basic and fully diluted basis was RMB 16.24 ( US $ 2.51 ) for the six months ended June 30 , 2021 , as compared to a loss per share on a basic and fully diluted basis of RMB 40.82 ( US $ 5.77 ) for the six months ended June 30 , 2020 , with the latter figures retroactively presented for the 3 : 1 reverse stock split effective September 3 , 2020 . Ms. Meishuang Huang , Chief Executive Officer of Antelope Enterprise , commented , " For the first half of 2021 , we experienced challenging market conditions due to the slowdown of the real estate sector in China which was still being impacted by the continued effects of the COVID - 19 pandemic . Our sustained marketing efforts during this period enabled us to realize an 11 % increase in sales volume in the first half of fiscal 2021 as compared to the same period of 2020. We made a strategic decision to sell products already in inventory at available market prices that fell below our costs of production which hindered our profitability for the first half of 2021. However , this will help us to shift the momentum of the company towards future growth . " " For the first half of 2021 , we utilized production facilities capable of producing 1.1 million square meters of ceramic tiles per year out of effective annual production capacity of 51.6 million square meters of ceramic tiles . We took production offline at our Hengdali facility for the first half of 2021 , exempting what we lease to a third party , since we determined that we had ample inventory available to work through our sales channels . " " While we are committed to our core business , we are also focused upon diversifying our business lines to fuel our growth . We are encouraged that Antelope Chengdu , one of our new subsidiaries in the financial technology sector , contributed a significant level of revenues to our financial performance for the first half of 2021. " " We believe that our building materials sector will continue to benefit from the importance of the real estate sector to the Chinese economy . We believe that the Chinese government's renewed efforts to promote affordable housing , projected growth in lower Tier cities and the upgrading of existing housing stock are potential catalysts that could benefit our business , " concluded Ms. Huang . Fiscal Six Months Results Ended June 30 , 2021 Revenue for the six months ended June 30 , 2021 was RMB 50.1 million ( US $ 7.7 million ) , a 25.9 % increase from RMB 39.8 million ( US $ 5.6 million ) for the same period of 2020. The increase in revenue was due to ( 1 ) a 6.0 % increase in the sale of ceramic tiles to $ 42.2 million ( US $ 6.5 million ) for the six months of 2021 as compared to RMB 39.8 million ( US $ 5.6 million ) for the same period of 2020 , and ( 2 ) RMB 7.9 million ( US $ 1.2 million ) in software rights revenue from Antelope Chengdu . The increase in the sales of ceramic tiles was due to an 11.1 % increase in our sales volume to 2.0 million square meters of ceramic tiles for the six months ended June 30 , 2021 compared to 1.8 million square meters of ceramic tiles about : blank 1/8