Kingtone Wirelessinfo Solution Reports Decrease in Revenues

Kingstone Wirelessinfo Solution (NASDAQ:KONE) announced the financial results for the six months ended March 31, 2018.

The company, a Chine based developer and provider of mobile enterprise solutions reported 56 percent revenue decrease to US$0.09 million from US$0.22 million in the six months ended March 31, 2018.

As quoted in the press release:

Gross profit increased to $0.08 million from gross loss of $0.07 million for the six months ended March 31, 2017;

Gross margin increased to 81.7% from negative 30.7% for the six months ended March 31, 2017;

Net loss of $0.68 million as compared to net loss of $0.24 million for the six months ended March 31, 2017.

“For the first half of the fiscal year, due to deteriorated business conditions and strong competition, our revenue decreased. However, we are pleased with our improved cost-controls, which led to increased profit during the first half of the fiscal year, compared to the same period last year,” said Mr. Peng Zhang, Chief Executive Officer, “We will continue to improve our operational efficiency by laying a solid foundation for future growth. In furtherance of this goal, the Company entered into an Asset Exchange Agreement with C Media Limited (“C Media”) on January 25, 2018 and is waiting for NASDAQ approval on the proposals passed by the shareholders related to the asset exchange with C Media. As we progress through the remaining fiscal year 2018, we will continue our efforts to streamline our cost structure to better adapt to the unfavorable market conditions, which may persist in the near term. Management endeavors to continue the operation of the Company regardless of the result of the assets exchange with C Media.”

Click here for the full press release.