Consequently, our revenue was affected by fluctuations in the exchange rate between US dollar and RMB.įirst Six Months of Fiscal Year 2023 Financial Results The exchange rate between the RMB and US Dollar considerably affected the Company’s financial results, as more than 50% of our products were sold to customers outside of mainland China.The increase in net loss was mainly due to an increase of selling expenses, R&D expenses and general and administration expenses, partially offset by an increase in gross profit. Net loss reached approximately RMB15.6 million ( US$2.2 million), compared to net loss of RMB9.3 million during the same period last year, representing a 67% increase.Gross profit margin increased from 8.2% to 9.9%, primarily due to an increase in sales of newly introduced, higher end models of feature phones and smart phones, and a decrease in purchase price of key raw materials. Revenue from Original Equipment Manufacturer (“OEM”) and Original Design Manufacturer (“ODM”) services increased from RMB100.2 million to approximately RMB127.7 million ( US$18.0 million), representing a 27.4% increase.NEW YORK, Ma(GLOBE NEWSWIRE) - UTime Limited (“UTime” or the “Company”) (Nasdaq: UTME), a mobile device manufacturing company committed to providing cost effective products and solutions to consumers globally and helping low-income individuals from established and emerging markets, have better access to updated mobile technology, today announced its financial results for the first six months of fiscal year 2023 ended September 30, 2022.įirst Six Months of Fiscal Year 2023 Financial and Operational HighlightsĪll financial figures are in US Dollars unless otherwise noted.
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