Recon Technology Posts Loss In H1; Total Revenues Down 16.3%

Recon Technology, Ltd (RCON) posted a net loss of RMB 29.9 million for the six months ended December 31, 2022 compared to net income of RMB 111.4 million for the same period in 2021. Loss per share was RMB 0.88 compared to profit of RMB 3.87.

Total revenue decreased by 16.3% to RMB 45.6 million from RMB 54.4 million for the same period in 2021. The company said the overall decrease in revenue was mainly due to decrease revenue from automation product and software, oilfield environmental protection and platform outsourcing services segments, which was partially offset by the increased revenue from equipment and accessories segment during the six months ended December 31, 2022.

As of December 31, 2022, the company had cash in the amount of approximately RMB 269.1 million.

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