JX Luxventure Limited Announced Financial Results for the Fiscal Year Ended December 31, 2023, achieving Profitability for the Full Year.
Rhea-AI Summary
JX Luxventure (Nasdaq: JXJT) announced its financial results for the fiscal year ending December 31, 2023. The company reported a net profit of $3,043,779, a significant improvement from the $55,383,281 loss in 2022. This marks a year-over-year increase of $58,427,060. The net profit margin rose to 10%, compared to zero in 2022. Earnings per share (EPS) also surged to $0.50, up from a loss of $43.70 per share in 2022, a substantial increase of $44.20 per share.
CEO Sun "Ice" Lei credited the financial turnaround to efficient business model execution and team dedication. The company plans to capitalize on growth opportunities in cross-border markets while expanding its core tourism and auto import/export businesses. Investments in new ventures aim to strengthen financial resilience and ensure continued improvement in financial performance.
Positive
- Recorded a net profit of $3,043,779 for FY 2023.
- Achieved a significant profit increase of $58,427,060 year-over-year.
- Increased net profit margin to 10% in 2023.
- Earnings per share (EPS) soared to $0.50, up from a loss of $43.70 per share in 2022.
- Company plans to seize growth opportunities in cross-border markets.
- Expansion of core tourism-related technical services and auto import/export businesses.
Negative
- No specific negatives were highlighted in the press release.
News Market Reaction
On the day this news was published, JXJT declined 19.75%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Financial Highlights for the full year ended December 31, 2023:
- Significant Profit Reversal: The Company recorded a net profit of
$3,043,779 $55,383,281 $58,427 - Increase in Net Profit Margin: The net profit margin for 2023 was
10% , a remarkable advancement from the zero net profit margin in 2022. - Earnings Per Share Soaring: Our basic earnings per share for 2023 were
$0.50 $43 $44
Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "2023 has been a year of efficiency for our company. I take immense pride in our team's unwavering commitment and dedication, which have been instrumental in propelling this remarkable financial turnaround. Our primary objective was to foster rapid revenue growth during the initial two years, paving the way for profitability in 2023. Through meticulous execution and fine-tuning of our business model, we have not only achieved but exceeded our targets, realizing an impressive
As we adapt to the evolving global economic landscape in the post-pandemic era, we will continue seizing growth opportunities presented by the reopening of cross-border markets. While consolidating and expanding our core tourism-related technical services and auto import/export businesses, we will invest in profitable new ventures to fortify the company's financial resilience.
With these measures and the robust foundation we have established, I am confident that our financial performance will continue improving in the periods ahead. Our remarkable turnaround lays a solid groundwork for sustained growth and industry leadership in the years to come."
About JX Luxventure Limited
Headquartered in Haikou,
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
FAQ
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