Happiness Development Group Limited (“HAPP” or the “Company”), (NASDAQ: HAPP) a China-based company engaging in the business of production of nutraceutical and dietary supplements, providing e-commerce sales and e-commerce marketing solutions, and the sales of automobile today announced its unaudited financial results for the six months ended September 30, 2021.
Financial Highlights for the six months ended September 30, 2021:
- Revenues increased by $25.01 million or 114.3%, to $46.88 million for the six months ended September 30, 2021 from $21.88 million for the six months ended September 30, 2020, mainly due to the start-up of new goods or service provided including online sale, automobile sale and advertising service.
- The loss from operating was $10.53 million for the six months ended September 30, 2021, a decrease of $14.22 million from the prior year period. The decrease was primarily attributed to the performance of the healthcare products segment due to the continuous negative impacts on COVID-19 in different provinces in China.
- The Company reported $10.05 million of net loss attributable to the shareholders, in the six months ended September 30, 2021, compared to net income attributable to the shareholders of $3.19 million in the comparative period.
“The first half of fiscal year 2021 was really tough for us. As COVID-19 continues to spread in different provinces in China, the performance of our experience stores was greatly impaired. During the six months ended September 30 2021, we closed 70% experience stores to avoid further losses.” Mr. Xuezhu Wang, CEO of the Company, continued, “However, we still see a lot of hopes and highlights in the first six months, and we did accomplish some good results. In the first six months, our ecommerce sales started from September 2020 have reached over $21.48 million, 84% more than the sales of health products. Our internet information and advertising service started from October 2020 generated sales of approximately $8.25 million, and our automobile sales started from November 2020 have reached approximately $5.48 million. These newly developed businesses have now become the main drive of our business. With the continuous closing of our experience stores and the development of these newly launched businesses, we believe we will gradually get out of the haze and return to the right track of profitability.”
Further information on the Company’s financial results for the six months ended September 30, 2021, including the management’s discussion and analysis of financial condition and results of operations, can be found by visiting EDGAR on the SEC website at www.sec.gov, as well as the Investor Relations page of the Company’s website at www.happ.org.cn.
Check Out the New Martech Cube Podcast. For more such updates, follow us on Google News Martech News