RLX Technology Q2 Profit Falls

(RTTNews) - Chinese e-vapor company RLX Technology Inc. (RLX), Thursday reported lower earnings in the second quarter compared to prior year quarter, on negative impact of illegal products in the market.

Quarterly earnings decreased to RMB 204.7 million or $28.2 million, from RMB 441.6 million or $65.9 million of last year.

Earnings per ADS fell to RMB 0.150 or $0.021 from RMB 0.347 or $0.052 per ADS of the prior year.

Excluding items, earnings were RMB 86.2 million or $11.9 million, compared to RMB 634.7 million or $94.8 million of the previous year.

Adjusted earnings per ADS was RMB 0.062 or $0.009, compared to RMB 0.492 or $0.073 for the same period last year.

Revenues declined to RMB 378.1 million or $52.1 million from RMB 2.233 billion or $333.5 million last year, due to discontinuation of their older products and the negative impact of illegal products in the market.

On Thursday, shares of RLX closed at $1.42, down 4.05% on the New York Stock Exchange.