{"id":534349,"date":"2021-09-03T09:03:26","date_gmt":"2021-09-03T13:03:26","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/kbs-fashion-group-limited-announces-first-half-of-2021-financial-results\/"},"modified":"2021-09-03T09:03:26","modified_gmt":"2021-09-03T13:03:26","slug":"kbs-fashion-group-limited-announces-first-half-of-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/kbs-fashion-group-limited-announces-first-half-of-2021-financial-results\/","title":{"rendered":"KBS Fashion Group Limited Announces First Half of 2021 Financial Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

SHISHI,\u00a0China, Sept. 3, 2021<\/span> \/PRNewswire\/ — KBS Fashion Group Limited (“KBS” or the “Company”) (NASDAQ:\u00a0KBSF<\/a><\/u>), a leading fully-integrated casual menswear company in\u00a0China and through the brand of Luxventure, engaging in cross-border merchandise, airfare and tourism business, today announced its unaudited financial results for the first half of fiscal year 2021 ended June 30<\/span>, 2021.\u00a0 <\/p>\n

\n Financial Highlights<\/b>\n <\/p>\n

Total revenues for the first half of 2021 were $12.7 million<\/span> compared to $4.5 million<\/span> for the same periods in 2020. It is an increase of 183% from the same period in 2020 and exceeded the full year revenue of 2020 by 17%.<\/p>\n

Total revenue from tourism, airfare and cross-border merchandize business segments for the first half of 2021 were $10.2 million<\/span> compared to 0 million for the same periods in 2020.\u00a0 <\/p>\n

Gross margin for the first half of 2021 were 6% compared to 26% for the same periods in 2020.<\/p>\n

GAAP net loss and diluted loss per share for the first half year of 2021 were $5.0 million<\/span> and $1.21<\/span>, respectively, compared to net loss and diluted loss per share of $3.1 million<\/span> and $1.21<\/span>, respectively, for the same period in 2020.\u00a0 <\/p>\n

Working capital was $13.3 million<\/span> as of June 30, 2021<\/span>. Cash and restricted cash totaled $14.1 million<\/span> as of June 30, 2021<\/span>.<\/p>\n

Ms. Sun Lei<\/span>, Chief Executive Officer of the Company, stated, “Our revenue for this period exceeds revenue of the same period in 2020 by 183% and exceeds the revenue of entire year of 2020 by 17%.\u00a0The increase in revenue is due to the acquisition of Flower Crown, which added three new segments to our business through the Luxventure brand.\u00a0Flower Crown has been in full business operation for less than a year and it has generated almost $12 million<\/span> revenue.\u00a0We are more than pleased with the accelerated growth of Flower Crown.\u00a0We look forward to Flower Crown continuing its revenue contribution, while our clothing business recovers from the impact of COVID-19.\u00a0“<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n As at June 30,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n As at December\u00a031,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Non-current assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Property, plant and equipment, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,778,426<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,837,609<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investment property, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,091,037<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 8,274,195<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Prepayments and premiums under operating leases<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,828,252<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,339,406<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Land use rights<\/span>\n <\/p>\n<\/td>\n

\n

\n 603,830<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 604,970<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Deferred tax assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 18,270,070<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,960,839<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 32,571,615<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,017,019<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Current assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Inventories<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,199,904<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,854,997<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Trade receivables<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,279,256<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,352,617<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other receivables and prepayments<\/span>\n <\/p>\n<\/td>\n

\n

\n 784,833<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,549,002<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Related party receivables<\/span>\n <\/p>\n<\/td>\n

\n

\n 298,218<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Prepayments and premiums under operating leases<\/span>\n <\/p>\n<\/td>\n

\n

\n 87,837<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 80,494<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,104,354<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,621,290<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 26,754,402<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,458,400<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total assets<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 59,326,017<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62,475,419<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Current liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Short term bank loans<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,160,973<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,148,959<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Trade and other payables<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,027,930<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 5,356,542<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Dividend Payable<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,149,996<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Due to related parties<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,132,811<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Contract liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 186,627<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 257,529<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income tax payable<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,958,083<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 47,916<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 13,483,609<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,943,757<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 13,483,609<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 7,943,757<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Share capital<\/span>\n <\/p>\n<\/td>\n

\n

\n 575<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 341<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Share premium<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,160,013<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 11,312,643<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Revaluation reserve<\/span>\n <\/p>\n<\/td>\n

\n

\n 184,272<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 184,272<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Statutory surplus reserve<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,084,836<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,084,836<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Retained profits<\/span>\n <\/p>\n<\/td>\n

\n

\n 28,305,558<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 40,406,391<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Foreign currency translation reserve<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,892,845)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,456,821)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n 45,842,409<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 54,531,662<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total liabilities and equity<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 59,326,018<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 62,475,419<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n For the six months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n June 30, 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n June 30, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Revenue<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,709,722<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 4,488,527<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost of sales<\/span>\n <\/p>\n<\/td>\n

\n

\n (11,956,851)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,334,862)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Gross profit<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n 752,871<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,153,665<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other income<\/span>\n <\/p>\n<\/td>\n

\n

\n 24,159<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 195,703<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other losses<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,983,494)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (535,192)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Distribution and selling expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,213,768)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,280,598)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Administrative expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n (2,622,510)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,593,570)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Loss from operations<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (6,042,742)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,059,992)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Finance costs<\/span>\n <\/p>\n<\/td>\n

\n

\n (33,275)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (31,138)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Loss before tax<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (6,076,017)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,091,130)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Income tax income<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,125,176<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 958,516<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Loss for the period<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (4,950,841)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,132,614)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Other comprehensive loss<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n – currency translation differences<\/span>\n <\/p>\n<\/td>\n

\n

\n 563,976<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,848,413)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Total comprehensive loss for the period<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n (4,386,865)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,981,027)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss per share of common stock attributable to the Company<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n – Basic<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.21)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n – Diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n (1.21)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1.21)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Weighted average shares outstanding:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n – Basic<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,100,257<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,591,299<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n – Diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,100,257<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 2,591,299<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n For the six months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n June 30, 2021<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n June 30, 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n OPERATING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Loss for the period<\/span>\n <\/p>\n<\/td>\n

\n

\n (4,950,840)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (3,132,614)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Adjustments for:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Share-based payment<\/span>\n <\/p>\n<\/td>\n

\n

\n 708,053<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Finance cost<\/span>\n <\/p>\n<\/td>\n

\n

\n 33,275<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,138<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest income<\/span>\n <\/p>\n<\/td>\n

\n

\n (22,591)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (29,293)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Depreciation of property, plant and equipment & investment property<\/span>\n <\/p>\n<\/td>\n

\n

\n 586,235<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 349,161<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Amortization of prepayments and premiums under operating leases<\/span>\n <\/p>\n<\/td>\n

\n

\n 50,512<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 42,825<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Provision\/ (reversal) of inventory obsolescence<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,779<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (14,827)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bad debt provision of trade receivables<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,981,680<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 777,847<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Gain on disposal of property, plant and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 6,900<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating cash flows before movements in working capital<\/span>\n <\/p>\n<\/td>\n

\n

\n (611,897)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,968,863)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Increase in trade and other receivables<\/span>\n <\/p>\n<\/td>\n

\n

\n (486,463)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (572,964)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Increase in inventories<\/span>\n <\/p>\n<\/td>\n

\n

\n (326,883)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (595,369)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Increase in other current assets<\/span>\n <\/p>\n<\/td>\n

\n

\n (260,330)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Increase in deferred tax assets<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,130,469)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (958,516)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Decrease in trade and other payables<\/span>\n <\/p>\n<\/td>\n

\n

\n (416,675)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (194,502)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Decrease in other current liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n (73,503)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Decrease in income tax payable<\/span>\n <\/p>\n<\/td>\n

\n

\n (44,515)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n CASH USED IN OPERATING ACTIVITIES<\/span>\n <\/p>\n<\/td>\n

\n

\n (3,350,735)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,290,214)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n NET CASH USED IN OPERATING ACTIVITIES<\/span>\n <\/p>\n<\/td>\n

\n

\n (3,350,735)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,290,214)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n INVESTING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Interest received<\/span>\n <\/p>\n<\/td>\n

\n

\n 22,591<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 29,293<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Proceeds on disposal of property, plant and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 31,829<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Purchase of property, plant and equipment<\/span>\n <\/p>\n<\/td>\n

\n

\n (14,141)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n NET CASH FROM INVESTING ACTIVITIES<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,450<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 61,122<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n FINANCING ACTIVITIES<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Proceeds from issuance of preferred shares<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,500,000<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Interest paid<\/span>\n <\/p>\n<\/td>\n

\n

\n (33,275)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (31,138)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n New bank loans raised<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,159,525<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 1,065,152<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Repayment of borrowings<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,159,525)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (1,065,152)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Advance from related party<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,826<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 249,485<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n NET CASH FROM FINANCING ACTIVITIES<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,469,551<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 218,347<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n NET DECREASE IN CASH AND CASH EQUIVALENTS<\/span>\n <\/p>\n<\/td>\n

\n

\n (1,872,734)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (4,010,745)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Effects of foreign currency translation<\/span>\n <\/p>\n<\/td>\n

\n

\n (644,202)<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n (234,788)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD<\/span>\n <\/p>\n<\/td>\n

\n

\n 16,621,290<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 20,620,478<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n CASH AND CASH EQUIVALENTS AT END OF PERIOD<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,104,354<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n 16,374,945<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor may there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.<\/p>\n

\n About KBS Fashion Group Limited<\/b>\n <\/p>\n

Headquartered in Shishi,\u00a0China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of i) designing, manufacturing, selling and distributing its own casual menswear brand, KBS, through a network of 30\u00a0KBS branded stores (as of\u00a0Dec 31, 2019)\u00a0and over a number of multi-brand stores. Through the brand of Luxventure, it also engages in cross-border merchandise, airfare and tourism business.\u00a0To learn more about the Company, please visit its corporate website at\u00a0www.kbsfashion.com<\/a><\/u>.\u00a0\u00a0<\/p>\n

\n
\n Safe Harbor Statement<\/i>
\n <\/b>\n <\/p>\n

\n This press release may contain certain “forward-looking statements” relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are “forward-looking statements” in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (<\/i>
\n
\n
\n http:\/\/www.sec.gov<\/a>
\n <\/u>
\n <\/i>
\n ). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.<\/i>\n <\/p>\n

Related Links<\/p>\n

\n http:\/\/www.kbsfashion.com<\/a>\n <\/p>\n

\n \"Cision\" View original content:https:\/\/www.prnewswire.com\/news-releases\/kbs-fashion-group-limited-announces-first-half-of-2021-financial-results-301368970.html<\/a><\/p>\n

SOURCE KBS Fashion Group Limited<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire SHISHI,\u00a0China, Sept. 3, 2021 \/PRNewswire\/ — KBS Fashion Group Limited (“KBS” or the “Company”) (NASDAQ:\u00a0KBSF), a leading fully-integrated casual menswear company in\u00a0China and through the brand of Luxventure, engaging in cross-border merchandise, airfare and tourism business, today announced its unaudited financial results for the first half of fiscal year 2021 ended June 30, 2021.\u00a0 Financial Highlights Total revenues for the first half of 2021 were $12.7 million compared to $4.5 million for the same periods in 2020. It is an increase of 183% from the same period in 2020 and exceeded the full year revenue of 2020 by 17%. Total revenue from tourism, airfare and cross-border merchandize business segments for the first half of 2021 were $10.2 million … <\/p>\n

Continue reading “KBS Fashion Group Limited Announces First Half of 2021 Financial Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-534349","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nKBS Fashion Group Limited Announces First Half of 2021 Financial Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/kbs-fashion-group-limited-announces-first-half-of-2021-financial-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KBS Fashion Group Limited Announces First Half of 2021 Financial Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire SHISHI,\u00a0China, Sept. 3, 2021 \/PRNewswire\/ — KBS Fashion Group Limited (“KBS” or the “Company”) (NASDAQ:\u00a0KBSF), a leading fully-integrated casual menswear company in\u00a0China and through the brand of Luxventure, engaging in cross-border merchandise, airfare and tourism business, today announced its unaudited financial results for the first half of fiscal year 2021 ended June 30, 2021.\u00a0 Financial Highlights Total revenues for the first half of 2021 were $12.7 million compared to $4.5 million for the same periods in 2020. It is an increase of 183% from the same period in 2020 and exceeded the full year revenue of 2020 by 17%. 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It is an increase of 183% from the same period in 2020 and exceeded the full year revenue of 2020 by 17%. 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