HAIKOU,
China, May 15, 2023 /PRNewswire/ -- JX Luxventure
Limited (Nasdaq: JXJT) (the "Company"), a company that engages in
tourism with business segments covering tourism, tourism duty-free
cross-border merchandise and tourism technology
solutions, today announced that on May
12, 2023, it filed its annual report on Form 20-F for the
fiscal year ended December 31, 2022 with the U.S.
Securities and Exchange Commission (the "SEC"), which was
amended today solely to include the Interactive Data File
disclosure ("XBRL") required by the SEC (collectively, the "2022
Report"). The 2022 Report can be accessed on
the SEC's website at http://www.sec.gov.
As disclosed in the 2022 Report, the Company's total revenue
increased from $54.01 million
reported for the fiscal year ended December
31, 2021, to $79.9 million
reported for the fiscal year ended December
31, 2022, constituting a 35% increase. The Company
also maintained a substantial shareholders' equity of $12.33 million.
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company, said,
"During 2022, the Company consistently focused its business
operations on growing its revenue in the revenue-generating
business segments, such as tourism, tourism technology solutions
and tourism cross-border merchandise, and divested its unprofitable
menswear business in October 2022.
In our second year of implementing our growth strategy, we've
seen a successful 35% rise in revenue in 2022 relative to the total
earnings from the three revenue-generating business segments in
2021. This growth is further highlighted when considering the
revenue of $1.33 million for the same
segments in 2020, which represents a striking 5900% increase over
the period. This was the second year of our growth strategy
and we have succeeded.
In pursuit of revenue growth, we experienced a significant net
loss of $73.49 million for the fiscal
year ended December 31, 2022,
compared to $37.21 million net loss
for the fiscal year ended December 31,
2021. However, approximately 97% of the Company's reported
net loss for the fiscal year ended December
31, 2022, are non-cash expenses or discounted operation
loss, including (i) approximately 12% attributed to the
discontinued operation of our menswear business and (ii)
approximately 85% related to the fair value of the stock-based
compensation to essential key employees. This issuance of
stock-based compensation to our essential employees enabled us to
retain key talent while preserving and conserving cash for our
business operations, an important element of the Company's business
strategy. Excluding these two factors, the actual loss from
the Company's business operations for the fiscal year ended
December 31, 2022, is $2.13 million or 2.9%, a significant improvement
from the $2.95 million net loss
reported for the fiscal year ended December
31, 2021.
Since launching our three-year turnaround strategy, we believe
that we accomplished the following three milestones:
- Revenue growth in performance of our revenue-generating tourism
segments of operations;
- Significant reduction in the Company's operating losses,
indicating a shift towards profitability;
- Successful divestiture of the unprofitable men's clothing
division, and
- Maintaining the shareholders' equity at $12.33 million.
Our objective for 2023 is to focus on profitability,
increasing the total shareholders' equity, and maintaining cost
control. I believe that the investments we have made in our
technology solution products will enable us to achieve this."
About JX Luxventure Limited
Headquartered in Haikou, China,
JX Luxventure Limited is a company that engages in tourism with
business segments covering tourism, tourism duty-free cross-border
merchandise and tourism technology solutions. 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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SOURCE JX Luxventure Limited