Zhejiang Netsun’s profits and revenues down in 1H

Hangzhou, 27th August: Shenzhen-listed Zhejiang Netsun, a B2B e-commerce platform, reported revenues of US$19 million in the six months ended 30th June 2020. This represents a year-on-year decrease of 13% compared with the same period last year. Profits in the six-month period also fell – declining 27% to US$1.7 million. Diluted earnings per share in the first half of 2020 were RMB 0.05 (US$0.0064).

The Hangzhou-based company’s management attributed the decreases in both revenues and profits to a weak performance on its sourcing and trading platform and to a substantial decrease in revenues from its exhibition business. Overall, management pointed to disruptions due to the COVID-19 pandemic as the primary cause of its poor results.