{"id":6849,"date":"2022-03-07T14:00:00","date_gmt":"2022-03-07T14:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3682953_CN82953_0"},"modified":"2022-03-07T14:00:00","modified_gmt":"2022-03-07T14:00:00","slug":"tian-ruixiang-holdings-ltd-reports-fiscal-year-2021-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=6849","title":{"rendered":"TIAN RUIXIANG Holdings Ltd Reports Fiscal Year 2021 Financial Results"},"content":{"rendered":"

BEIJING<\/span>, March 7, 2022<\/span> \/PRNewswire\/ — TIAN RUIXIANG Holdings Ltd (Nasdaq: TIRX<\/a>) (the “Company”), a China-based insurance broker conducting business through its variable interest entity in China<\/span>, announced today its financial results for the fiscal year ended October 31, 2021<\/span>.<\/p>\n

Mr. Zhe Wang, Chairman of the board of the directors and Chief Executive Officer of the Company, commented, “In fiscal year 2021, our revenue was down by 14.1% to $2.79 million<\/span>, which was primarily caused by a decrease in the commissions generated from individual accidental insurance of approximately $0.36 million<\/span> and a decrease in the risk management services revenue of approximately $0.18 million<\/span>. However, we are pleased with the establishment of our Yunnan<\/span> Branch in November 2021<\/span>, through which we were able to expand the geographic coverage of our insurance brokerage services. In the past year, we also hired more sales professionals to market and sell insurance products. We plan to focus on growing our property and group insurance business, as well as expanding our sales channels to enhance corporate client services, such as our  risk management services. At the same time, we will continue to explore health insurance business opportunities. Looking forward, we remain confident in our business strategy to achieve growth and create long-term value for our shareholders.”<\/p>\n

Fiscal Year 2021 Financial Highlights<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\n

For the Fiscal Years Ended October 31,<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

($ in millions, except per share data)<\/i><\/span><\/p>\n<\/td>\n

\n

2021<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

2020<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

% Change<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Revenue<\/span><\/p>\n<\/td>\n

\n

2.79<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3.25<\/span><\/p>\n<\/td>\n

<\/td>\n\n

-14.1%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating expenses<\/span><\/p>\n<\/td>\n

\n

5.04<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2.69<\/span><\/p>\n<\/td>\n

<\/td>\n\n

87.6%<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Loss) income from operations<\/span><\/p>\n<\/td>\n

\n

(2.25)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.56<\/span><\/p>\n<\/td>\n

<\/td>\n\n

NM<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating margin<\/span><\/p>\n<\/td>\n

\n

(80.8)%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

17.2%<\/span><\/p>\n<\/td>\n

<\/td>\n\n

NM<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net (loss) income <\/span><\/p>\n<\/td>\n

\n

(1.94)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.63<\/span><\/p>\n<\/td>\n

<\/td>\n\n

NM<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Loss) income per share<\/span><\/p>\n<\/td>\n

\n

(0.23)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

0.13<\/span><\/p>\n<\/td>\n

<\/td>\n\n

NM<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/tr>\n
\n

Note: NM refers to “Not Meaningful”<\/i><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n