Recon’s annual revenue rises 66% as higher margins narrow its loss
Recon Technology ($RCON) increased annual revenue to RMB109.9 million, approximately $16.2 million, from RMB66.3 million. Gross profit rose to RMB36.5 million and gross margin improved to 33.2% from 23.0%. The company’s net loss narrowed to RMB31.6 million, roughly $4.7 million, compared with RMB43.7 million a year earlier. Management attributed the stronger performance principally to expansion in overseas oilfield projects. The results show a larger revenue base and improved project economics,
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