Total operating expenses (1,253,638) (2,641,361)
Income from operations 1,971,796 4,916,241
----------------- ----------------
Other income, net
Interest expenses (73,591) (12,474)
Interest income 7,764 35,678
Share of profits from equity method
investment 917,045 1,107,771
Currency exchange (loss) gain (7,457) 45,534
Other income, net 110,200 80,639
Total other income, net 953,961 1,257,148
----------------- ----------------
Income before income tax provision 2,925,757 6,173,389
Income tax provision (303,021) (744,853)
Net income 2,622,736 5,428,536
================= ================
Less: net income attributable to
non-controlling interests 1,470 1,625
Net income attributable to ZJK
Industrial Co., Ltd.'s shareholders 2,621,266 5,426,911
================= ================
Other comprehensive (loss) income
Foreign currency translation
adjustment attributable to parent
company (808,054) (982,535)
Foreign currency translation
adjustment attributable to non-
controlling interest (27) 31
Total comprehensive income 1,814,655 4,446,032
================= ================
Comprehensive income attributable to
non-controlling interests 1,443 1,656
Comprehensive income attributable to
ZJK Industrial Co., Ltd.'s
shareholders 1,813,212 4,444,376
Earnings per share
Basic and Diluted* 0.04 0.09
Weighted average shares used in
calculating earnings per share
Basic and Diluted* 60,000,000 60,000,000
* The shares and per share information are presented on a retroactive basis to reflect the reorganization completed on March 28, 2023 (Note 1) and the two share splits that occurred on June 19, 2023 and June 6, 2024, respectively (Note 15).
ZJK Industrial Co., Ltd.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In U.S. dollars, except for the number of shares data)
For the six months ended June 30,
-----------------------------------
2023 2024
----------------- ----------------
(Unaudited)
Cash flows from operating
activities:
Net income 2,622,736 5,428,536
Adjustments to reconcile net income
to net cash provided by operating
activities:
Provision for credit loss - 8,575
Depreciation of property, plant and
equipment 244,618 274,016
Amortization of operating lease
right-of-use assets 118,733 158,590
Amortization of finance lease
right-of-use assets 122,851 161,212
Interest expense of finance lease
liabilities - 3,344
Gain from the disposal of property,
plant and equipment (80) -
Provision for inventories 123,713 134,294
Share of profits from equity method
investment (917,045) (1,107,771)
Provisions for deferred income tax 81,179 (218,239)
Changes in operating assets and
liabilities:
Accounts receivable 4,171,981 3,063,777
Accounts receivable-due from related
parties 3,161,302 3,341,677
Inventories (396,437) (2,214,518)
Prepaid expenses and other current
assets (220,824) (153,075)
Other receivables-due from related
parties (58,909) (6,248)
Accounts payable (4,471,736) (1,200,688)
Income tax payable (601,204) 358,940
Accrued expenses and other current
liabilities (263,641) (62,010)
Other payables-due to related parties 334,138 (67,392)
Operating lease liability (122,221) (177,538)
Net cash provided by operating
activities 3,929,154 7,725,482
----------------- ----------------
Cash flows from investing
activities:
Purchase of property, plant and
equipment (36,378) (221,552)
Purchase of construction in progress - (65,066)
Loan to a related party - (230,710)
Collection of loan to a related party - 198,832
Net cash used in investing activities (36,378) (318,496)
----------------- ----------------
Cash flows from financing
activities:
Proceeds from short-term bank
borrowings 43,035 69,300
Repayments of short-term bank
borrowings - (7,484)
Repayments of long-term debts (235,260) (29,226)
Deferred IPO costs (112,389) (145,279)
Repayments of financing lease
liabilities (200,524) (136,508)
Repayments of loan from related
parties - (221,760)
Net cash used in financing activities (505,138) (470,957)
----------------- ----------------
Effect of exchange rate changes (204,947) (573,631)
Net change in cash and restricted
cash 3,182,691 6,362,398
----------------- ----------------
Cash and restricted cash at the
beginning of period 1,516,314 3,901,772
Cash and restricted cash at the end
of period 4,699,005 10,264,170
================= ================
Supplemental disclosure of cash flow
information:
Income tax paid 155,321 605,294
Interest expenses paid 14,387 8,140
Supplemental disclosures of
non-cash activities:
Obtaining finance lease right-of-use
assets in exchange for finance
lease liabilities 465,511 -
Obtaining operating right-of-use
assets in exchange for operating
lease liabilities - 862,655
Acquiring property, plant and
equipment through accounts payable - 345,535
Property, plant and equipment
transferred from construction in
progress 22,622 -
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
View original content:https://www.prnewswire.com/news-releases/zjk-industrial-co-ltd-reports-financial-results-for-the-first-six-months-of-fiscal-year-2024-302333440.html
SOURCE ZJK Industrial Co., Ltd.
(END) Dow Jones Newswires
December 17, 2024 08:00 ET (13:00 GMT)
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