LONDON (dpa-AFX) - RLX Technology Inc. (RLX), a Chinese e-vapor company, on Friday posted a turnaround to profit for the first quarter, amidst a fall in expenses. However, the company's revenues for the period declined mainly due to the impact of Covid-19 on its production plant in Shenzhen, which limited RLX's production and shipment volumes.
For the quarter ended in March, the firm posted a profit of $111.25 million or $0.082 per share and ADS, compared with a loss of $40.75 million or $0.027 per share and ADS of previous year period.
Excluding items, income was at $59.95 million or $0.044 per share and ADS, compared with $93.17 million or $0.061 per share and ADS, on year-on-year basis.
Income from operations was at $98.347 million versus, a loss from operations of $17.08 million, a year ago.
RLX recorded its cost of revenue, total operating expenses at $166.808 million and $5.293 million, respectively, compared with $197.567 million and $185.595 million of same period of 2021.
Net revenues were at $270.448 million, compared with $366.082 million, reported for the March quarter of last year.
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