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SMOORE Reports $170M Net Profit for the Third Quarter, a Year-on-year Increase of 46.4%

SMOORE Reports $170M Net Profit for the Third Quarter, a Year-on-year Increase of 46.4%

2020-10-28

SMOORE (Stock Code: 06969) posts before-audit $154M profits for the third quarter in 2020, increasing 32.6% compared to the previous year; the net profits after audit account to about $170M, a year-on-year increase of 46.4%. For the first three quarters, the before-audit profits are $164M, down 34.6% from a year earlier, and the after-audit net profits are about $362M, a year-on-year increase of 42.8%.

The revenue of SMOORE GROUP has recorded stable increase for the third quarter in 2020 and is expected to maintain the momentum for the last quarter this year. This increase is mainly favoured by the scale effect and the improved product structure. However, part of it is offset by the IPO expenditure and the $16M payment mortgaged by shares.  

The main reason why the profits decrease for the 1st three quarters is the variation of fair value in the financial instruments.


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