JX Luxventure Limited Reported A Significant Increase in its Revenue for the Year ended December 31, 2021 (546X of 2020 Revenue)
JX Luxventure Limited (Nasdaq: LLL) reported a substantial revenue increase of 446%, reaching US$59.01 million for the year ending December 31, 2021, compared to US$10.88 million in 2020. The non-menswear sectors, particularly cross-border merchandise and tourism, significantly contributed US$54,040,948, marking a dramatic growth of 4046%. However, the company incurred losses primarily due to its menswear segment. With contracts worth US$90,000,000 signed, the company aims for profitability in the near term.
- Revenue surged 446% to US$59.01 million for 2021.
- Non-menswear revenue reached US$54,040,948, a 4046% increase.
- Significant contracts signed totaling US$90,000,000.
- Losses attributed to the menswear business due to one-time expenses and operational losses.
- Loss from Flower Crown Holding amounted to US$2,716,772.
Non-menswear business of the Company reached a revenue of US
HAIKOU, China, May 13, 2022 /PRNewswire/ -- JX Luxventure Limited (Nasdaq: LLL) (the "Company"), 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, announced that it filed today annual report on Form 20-F for the fiscal year ended December 31, 2021 (the "2021 Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2021 Report can be accessed on the SEC's website at http://www.sec.gov.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "At the beginning of 2021, we started the journey of our three-year turnaround strategy with the first year focusing on revenue growth. As disclosed in the 2021 Report, for the year ended December 31, 2021, the Company's total revenue increased by
Following the acquisition of Flower Crown Holding in December of 2020, we acquired two new segments: cross-border merchandise and tourism. Those two segments business lines generated a total of US
Flower Crown Holding made a significant investment in technology. We now have "Little L", our virtual influencer technology, which can be used across platforms operated by our business customers and received "Best Virtual Human Software Technology Service Provider" award. Virtual influencer will be the future and "Little L" is our foot step into the Metaverse.
Our loss for this year mainly relates to our menswear business, which includes one-time expenses in connection with impairment for long-lived assets, bad debt provision and significant valuation allowance of deferred tax assets as well as operating loss. The loss from Flower Crown Holding is US
We have achieved the first-year goal of revenue growth. For our second year of the turnaround strategy, we will focus on continuing the revenue growth while improving our profit margin. We will further explore all options to mitigate the losses from our menswear business. As CEO of the Company, I am confident that we can successfully implement our three-year turnaround strategy.
Today, we are honored to be a company listed on Nasdaq. In three years, we hope Nasdaq would be proud to have JX Luxventure as part of its family."
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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