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JX Luxventure Reports 546X Revenue Growth in FY21 vs FY20

May 13, 2022 10:20
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JX Luxventure Limited (Nasdaq: LLL) (the "Company"), a company delivering comprehensive products solutions to global elite families serviced by our business customers with business segments covering menswear, cross-border merchandise and tourism, announced that it filed today annual report on Form 20-F for the fiscal year ended December 31, 2021 (the "2021 Report") with the U.S. Securities and Exchange Commission (the "SEC"). The 2021 Report can be accessed on the SEC's website at https://www.sec.gov.

Ms. Sun "Ice" Lei, Chief Executive Officer of the Company commented: "At the beginning of 2021, we started the journey of our three-year turnaround strategy with the first year focusing on revenue growth. As disclosed in the 2021 Report, for the year ended December 31, 2021, the Company's total revenue increased by 446% to US$59.01 million from US$10.88 million reported by the Company for the year ended December 31, 2020.

Following the acquisition of Flower Crown Holding in December of 2020, we acquired two new segments: cross-border merchandise and tourism. Those two segments business lines generated a total of US$54,040,948 revenue in 2021, which is 91% of our total revenue for the same period. I am excited about the growth of those two lines of business, which had an increase of 4046% from 2020 revenue of US$1,335,374.

Flower Crown Holding made a significant investment in technology. We now have "Little L", our virtual influencer technology, which can be used across platforms operated by our business customers and received "Best Virtual Human Software Technology Service Provider" award. Virtual influencer will be the future and "Little L" is our foot step into the Metaverse.

Our loss for this year mainly relates to our menswear business, which includes one-time expenses in connection with impairment for long-lived assets, bad debt provision and significant valuation allowance of deferred tax assets as well as operating loss. The loss from Flower Crown Holding is US$2,716,772. With two major contracts signed in March and April of 2022 totaling US$90,000,000, Flower Crown Holding is on track to achieve profitability in near terms. The future of JX Luxventure is Flower Crown Holding and its cross-border merchandise and tourism business.

We have achieved the first-year goal of revenue growth. For our second year of the turnaround strategy, we will focus on continuing the revenue growth while improving our profit margin. We will further explore all options to mitigate the losses from our menswear business. As CEO of the Company, I am confident that we can successfully implement our three-year turnaround strategy.

Today, we are honored to be a company listed on Nasdaq. In three years, we hope Nasdaq would be proud to have JX Luxventure as part of its family."

JX Luxventure Reports 546X Revenue Growth in FY21 vs FY20
 

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