Ossen Innovation Announces Unaudited Financial Results for the Six Months Ended June 30, 2020
Ossen Innovation Co., Ltd. - American Depositary Shares (OSN)
US:NASDAQ Investor Relations:
ir.osseninnovation.com
Company Research
Source: PR Newswire
SHANGHAI, Aug. 27, 2020 /PRNewswire/ -- Ossen Innovation Co., Ltd. ("Ossen Innovation" or the "Company") (Nasdaq: OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, today announced its financial results for the six months ended June 30, 2020."Because of the COVID-19 pandemic and China's economic slowdown during the first half of 2020, our top line decreased slightly. Nonetheless, our gross margin increased to 18.7% as we managed to lower our cost," stated Dr. Liang Tang, Chairman of Ossen Innovation. "Looking ahead, with the anticipated recovery of China's infrastructure investment and economic rebound, we are cautiously optimistic to see recovery in infrastructure investment in the construction industry."Six Months Ended June 30, 2020 Financial ResultsFor the Six Months Ended June 30,($ millions, except per share data)20202019% ChangeRevenues$54.9$65.1-15.7%Gross profit$10.3$10.11.4%Gross margin18.7%15.6%3.1%Operati
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