Benzinga | Sep 29, 2020 07:10AM EDT

China Ceramics 1H Sales $5.6M Down From $26.2M YoY

JINJIANG,China, Sept. 29, 2020 /PRNewswire/ -- China Ceramics Co., Ltd. (NASDAQ Capital Market: CCCL) ("China Ceramics" 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, 2020.

First Half 2020 Summary

* Revenue was RMB 39.8 million (US$ 5.6 million) as compared to RMB 177.4 million (US$ 26.2 million) for the same period of 2019.

* Gross profit was RMB 0.9 million (US$ 0.1 million) as compared to a gross profit of RMB 15.3 million (US$ 2.3 million) for the same period of 2019.

* Operating results were affected by bad debt expense of RMB 101.8 million (US$ 14.4 million) for the six months ended June 30, 2020, as compared to bad debt expense of RMB 193.9 million (US$ 28.6 million) for the same period of 2019.

* Net loss was RMB 111.5 million (US$ 15.8 million) for the six months ended June 30, 2020, as compared to a net loss of RMB 193.2 million (US$ 28.5 million) for the same period of 2019.

* Loss per share both on a basic and fully diluted basis were RMB 40.82 (US$ 5.77) for the six months ended June 30, 2020, as compared to loss per share on a basic and fully diluted basis of RMB 96.69 (US$ 14.25) for the six months ended June 30, 2019, with these figures retroactively presented for the 3:1 reverse stock split effective on September 3, 2020.