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- eCargo’s (ECG) share price jumped up 42.9 per cent during trade, after the company released some positive interim financial results
- During the six months to June 30, revenue climbed 21 per cent to a total of HK$91 million (around A$16.32 million)
- The company’s net loss also reduced by 23 per cent over 1H CY20, totalling HK$26.9 million (around A$4.82 million)
- While eCargo’s EBITDA loss declined by 88 per cent over the six month period, to total HK$0.9 million (around A$161,000)
- Shares in the e-commerce enabler are now trading for 2 cents each
Shares in Chinese e-commerce enabler eCargo (ECG) have shot up almost 43 per cent, following the release of the company’s interim first half 2020 results.
eCargo essentially offers e-commerce enabling and operation outsourcing services in China for global brands who wish to trade in the country.
Its share price jumped up 42.9 per cent throughout today’s trading session, to gain 0.06 cents to its price.
The spike coincides with the company releasing its 1H CY20 results, which showed revenue had climbed 21 per cent on a year-on-year basis.
Total revenue now sits at HK$91 million (around A$16.32 million) for the first half of 2020.
During the six months to June 30, eCargo’s net loss also reduced by 23 per cent, compared to the same time in 2019, dropping down to HK$26.9 million (around A$4.82 million).
Additionally, the company’s EBITDA loss declined by 88 per cent over the six month period, to total HK$0.9 million (around A$161,000).
Looking forward, eCargo’s Executive Chairman, John Lau, there were a number of growth opportunities ahead.
“Pleasingly, we have also seen good levels of traction from our CBEC Growth Program, which offers a cost-conscious brand entry into the China market,” he said.
“Launched last August, we have seen strong interest and opportunities to trial a
number of upcoming FMCG brands, with a view to signing profitable distribution agreements in the future,” he added.
Shares in ECG closed today up 42.9 per cent at 2 cents per share on August 26.
