Ossen Innovation H1 Profit, Revenues Decline - Quick Facts

(RTTNews) - Ossen Innovation Co., Ltd. (OSN), a China-based manufacturer of an array of plain surface, rare earth and zinc coated pre-stressed steel materials, said the company's net income declined 6.7% year-on-year for the six months ended June 30, 2020 because of the COVID-19 pandemic and China's economic slowdown during the period.

Top line decreased mainly due to the decrease in rare earth coated, zinc coated products and other products, partially offset by the increase in plain surface products.

For the first-half, net income decreased to $5.9 million or $0.27 per share from $6.2 million or $0.29 per share in the prior-year quarter. Earnings per ADS were $0.81, compared to last year's $0.87.

Revenues for the quarter decreased 15.7 percent to $54.9 million from $65.1 million for the same period of last year.

"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," stated Dr. Liang Tang, Chairman of Ossen Innovation.