Recon Technology, Ltd. (RCON) stock soared 9.09% in the current-market trading session at the price of $1.20 after reporting its financial results for the first half of fiscal 2022.
RCON is a leading gas and oil field service corporation in China. The company supplies oil firms with cutting-edge automated technologies, reservoir stimulation measures, and transportation equipment to lower impurities, raise petroleum extraction levels, and reduce production expenses.
RCON First-Half Fiscal 2022 Results
On 30th March 2022, RCON published its financial results for the first six months of fiscal 2022. The company has also presented its business highlights. As of 31st December 2021, the company had roughly US$52.3M in cash, compared to RMB344M on 30th June 2022. The working capital totaled US$63.5M on 31st December 2021.
Revenues grew 116.2 percent to US$8.6M for the first half ended 31st December 2021. Revenue from wastewater and oily sludge sectors grew 605.9 percent or US$2.7M. For the first six months of fiscal 2022, the gross profit was US$2.3M. RCON has a net income of US$17.5M, or ($0.64) per basic and ($0.61) per diluted share, for the first six months of fiscal 2022.
RCON Recent Business Updates
Earlier on 1st March 2022, RCON reported multiple agreements signed by its VIE companies. The company also provided development updates in its business sectors for the year 2022. Shenhua Group granted Recon RMB3.26M in contracts for its automation segment in January and February 2022. For the equipment and accessories segment, the company achieved RMB2.39M in contracts.
RCON Signed RMB6.87M Deal
Previously, on 31st January 2022, RCON announced entering a technical service agreement with a petrochemical firm. The deal aims to deliver maintenance and operation services on metering instruments for three years, use them for production facilities operations. The contract has a total amount of RMB6.87M.