ChinaNet Online Holdings, Inc. (CNET) saw its loss narrow to $6.49 million, or $0.58 a share for the year ended Dec. 31, 2016. In the previous year period, the company reported a loss of $9.09 million, or $0.85 a share.
Revenue during the year grew 7.70 percent to $34.75 million from $32.26 million in the previous year. Gross margin for the year contracted 128 basis points over the previous year to 22.31 percent. Operating margin for the year stood at negative 17.69 percent as compared to a negative 28.87 percent for the previous year.
Operating loss for the year was $6.15 million, compared with an operating loss of $9.32 million in the previous year.
Operating cash flow turns negative
ChinaNet Online Holdings, Inc. has spent $0.56 million cash to meet operating activities during the year as against cash inflow of $5.73 million in the last year.
The company has spent $2.58 million cash to meet investing activities during the year as against cash outgo of $4.63 million in the last year.
Cash flow from financing activities was $0.75 million for the year as against cash outgo of $0.13 million in the last year period.
Cash and cash equivalents stood at $3.04 million as on Dec. 31, 2016, down 44.85 percent or $2.47 million from $5.50 million on Dec. 31, 2015.
Debt increases substantially
ChinaNet Online Holdings, Inc. has witnessed an increase in total debt over the last one year. It stood at $0.85 million as on Dec. 31, 2016, up 527.41 percent or $0.71 million from $0.14 million on Dec. 31, 2015. Short-term debt stood at $0.72 million as on Dec. 31, 2016.
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