Huadi International Group Co., Ltd. (HUDI) stock plummeted 11.96% in the current-market trading session at the price of $9.42 despite no fundamental reason. The last published news was its financial results for six months ended 31st March 2021. HUDI produces and commercializes industrial stainless steel pipes and tubes products all around the world.
HUDI Published Half-Year 2021 Financial Results
On 26th August 2021, HUDI published its financial results for the first half-year ended 31st March 2021 and provided corporate updates.
Management Comments
Chairman of HUDI, Mr. Di Wang, remarked that their growth momentum had expedited during the first six months of 2021. Total revenue increased by 16.94% as compared with the same six months of last year. The company is conducting its business mission by systematic expansion in domestic markets, proactive engagement with customers, and substantial investment in sales and marketing enterprises. It is improving its competitive edge, developing its expertise in stainless steel pipes and tubes products, and expanding its brand popularity among the customers, he added.
Financial Highlights
HUDI reported revenue of $29.89 million for the half-year ended 31st March 2021. It represents a gain of $4.33 million or 16.94% from $25.56 million for the same period of last year. The increase resulted from the growth in the number of domestic customers and sales. Gross profit was $5.35 million for the first half-year ended 31st March 2021. It represents a drop of $0.95 million or 15.08% from $6.30 million for the same six months of 2020.
HUDI reported general and administrative expenses of $3.74 million for the six months ended 31st March 2021. G&A expenses were $1.95 million for the same six months ended 31st March 2020. Research and development expenses were $0.93 million for the first half-year of 2021. It represents a gain of $0.10 million or 12.05% from $0.83 million for the same period in 2020.
HUDI reported total operating income of $0.68 million for the six months ended 31st March 2021. Net income was $3.51 million during the same six months ended 31st March 2020. Net income attributable to HUDI was $0.64 million, or $0.06 per basic and diluted share, for the six months ended 31st March 2021. As of 31st March 2021, total cash and cash equivalents were $19.71 million.
