Thank you for standing by, and welcome to the Antelope Enterprise Second Half and Fiscal Year End 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone keypad. To withdraw your question, press the hash key. If you require technical support at any time, please press star zero. I would now like to hand the conference over to your first speaker today, David Rudnick. Please go ahead.
Thank you, Julian. Good morning, ladies and gentlemen, and greetings to those of you who are joining us from China. Welcome to Antelope Enterprise Holdings Limited Second Half and Fiscal Year End 2021 Earnings Conference Call. With us today are Antelope Enterprise's Chief Executive Officer, Ms. Meishuang Huang, and Chief Financial Officer, Mr. Edmund Hen. At the start of the call, Ms. Huang, I'd like to address forward-looking statements that may be discussed on the call. Forward-looking statements involve risks and uncertainties and include, among others, those regarding revenue, operating expenses, other income and expense, taxes, and future business outlook. Actual future performance, our actual results may differ materially from those expressed in forward-looking statements. The company claims the safe harbor protections for such forward-looking statements as contemplated under the Private Securities Litigation Reform Act of 1995.
Please refer to documents filed by the company with the SEC, specifically the most recent Form 20-F and 6-K, which identify important risk factors that could cause actual results different from those contained in the forward-looking statements. We assume no obligation to update any forward-looking statements or information that speaks as of their respective dates. Now it's my pleasure to turn the call over to Antelope Enterprise CEO, Ms. Meishuang Huang, and Antelope Enterprise CFO, Mr. Edmund Hen. Shall we begin? We'll be translating for Ms. Huang. Ms. Huang, you may proceed.
Thank you, David. On behalf of the company, I would like to welcome everyone to our Second Half and the Fiscal Year End 2021 Earnings Conference Call. During fiscal year 2021, we continue to experience challenging market conditions for our ceramic tiles product sales due to the slowdown of the real estate sectors in China, which will still be impacted by the continued effects of COVID-19 pandemic. To mitigate these challenging conditions, in 2021, we continue to execute our strategic plans to diversify our business and fuel our growth by incorporating several new technology sector subsidiaries. These new subsidiaries are engaged in selected markets in China, which we believe have strong growth potential. This includes business management, information system consulting, and social media, online social commerce, and live streaming.
We are pleased that this new business segments contributed 38% of revenue to our financial performance for the second half of 2021, and 33% for the full year 2021, which shows that our strategic plan is on course. Due to the continued challenging conditions for the real estate and building materials in China, in November 2021, we entered into a five-year lease agreement to lease out the entire Hengdeli facility with the same lessee that has been leasing out just a portion of the plant. However, we are secure in terms of having empty unused production capacity at our Hengdeli Facility for when the real estate market turn around, and this position is consistent with our resolve to pivot towards technology growth sectors.
We are committed to diversifying the company into growth technology sectors and are encouraged by the strong contribution from our new technology subsidiaries to date. In particular, we believe that social media, online social commerce and live streaming in China will experience distinct growth in the years to come.
With that, I would like to turn over the call to the company's Chief Financial Officer, Mr. Edmund Hen, who will discuss the company's six months half-year 2021 earnings results in more detail. Thank you.
Thank you, Ms. Huang. I will now move on to a more detailed discussion of our financial results for the six months ending December 31st, 2021 . Our revenue for the six months end December 31st, 2021 was RMB 166.2 million, or $25.8 million. A 15% increase from RMB 143.2 Million or $21.1 million for the same period of 2020 . The year-over-year increase in revenue was due to the generation of RMB 63.6 million or $9.9 million in the business management, information system consulting and online social commerce and live stream operations revenue from Chengdu Future and Hainan Kylin Cloud Services.
New operating subsidiary results combining which accounts for 13.3% of the company's total revenue in the current year. However, this contribution was partially offset by an RMB 40.6 million or $6.3 million decrease in Hengda sales. Gross profits for the six months end December 31, 2021 of RMB 73.8 million or $11.5 million compared to gross loss of RMB 26.9 million or $4 million for the same period of 2020. The gross profit margin was 44.4% as compared to a gross loss margin 18.8% for the same period of 2020.
Other income for the six months ended December 31, 2021 was RMB 2.3 million or $0.4 million, as compared to RMB 12.2 million or $1.8 million for the same period of 2020. Other income consists of rental income the company received by leasing out one of the production lines from its Hengdeli facility pursuant to an eight-year lease contract. Selling and distribution expenses for the six months ended December 31, 2021 were RMB 3.1 million or $0.5 million. A decrease from RMB 4.2 million or $0.6 million for the same period, 2020.
Administrative expenses for the six months ended December 31, 2021 were RMB 15.2 million, or $2.4 million. As compared to RMB 11.9 million or $1.8 million for the same period of 2020. Increase in administrative expenses was primarily due to an increase in consulting and professional fees. Bad debt expense for the six months ended December 31, 2021 was RMB 75.7 million or $11.8 million. As compared to bad debt expense of RMB 48.5 million or $7.2 million for the same period, 2020.
We recognize a loss allowance for an expected credit loss on financial assets, primarily on our trade receivables, which are subject to impairments under International Financial Reporting Standards. We believe that we have undertaken appropriate measures to resolve the bad debt expense going forward. We will continue to renew creditworthiness of each of our customers and continuously test our trade receivables balance in each upcoming fiscal period. Net loss for the six months ended December 31, 2021 was RMB 19.3 million or $3 million. As compared to a net loss of RMB 81.6 million or $12 million for the same period of 2020. The decrease in net loss was primarily due to an increase in gross profits.
The decrease in bad debt expenses and substantial increase in the reversal of the inventory impairment provision in the current period. Loss per basic and fully diluted share for the six months ended December 31, 2021 were RMB 3.75 or $0.58. As compared to loss per basic and fully diluted share of RMB 24.85 or $3.67 for the same period of 2020. Turning to our balance sheet. As of December 31, 2021, we had the cash and bank balances of RMB 27.9 million or $4.4 million. As compared to RMB 12.3 million or $1.9 million as of December 31, 2020.
As of December 31, 2021, our inventory turn was 183 days as compared to 190 days as of December 31, 2020. Our trade receivables turnover of ceramic tile products as valued at cost was 168 days as of December 31, 2021, compared to 142 days as of December 31, 2020. Trade receivables turnover of our business management and consulting segment was 11 days as of December 31, 2021. Our trade payables turnover of ceramic tiles products as valued at cost was 20 days as of December 31, 2021, compared with 22 days as of December 31, 2020.
Trade receivables turnover of our business management and consulting segment was seven days as of December 31, 2021. In terms of our funds utilization and CapEx, we utilized funds capacity that produced 1.2 million s.q m. Of ceramic tiles for the six months ended December 31, 2021. As compared to 1.5 million s.q m. Of ceramic tiles for the same period of 2021. With all of the current period production attributable to our Hengda facility. Our reduced utilization during the current period was primarily attributable to the continued slowdown of the real estate industry in China, which was still being impacted by continuing effects of the COVID-19 pandemic.
Effective November 1, 2021, we entered into a new lease agreement with the same lessee that has been leasing one of the production lines at the Hengda facility. The new lease for Hengda, which includes buildings, plants, and facilities, and which contains all of its machinery, equipment, and production lines. The new lease has a term of five years from November 1, 2021 to October 31, 2026, for an annual rent of RMB 18 million. Therefore, the company's total annual production capacity is 22.8 million s.q. m Of ceramic tiles, which is solely attributable to its Hengda facility. We intend to bring unused production capacity at Hengda online as consumer demand increases, and when there are signs of improvement in China's real estate and construction sectors.
We review the level of capital expenditure throughout the year and make adjustments subject to market conditions. Although business conditions are subject to change, we anticipate a modest level of capital expenditure for 2022, other than those associated with minimal upgrades, small repairs, and the maintenance of equipment. Moving on to our business outlook. In terms of our ceramic tile business. For fiscal year 2021, the company's operating results continued to be impacted by the slowdown of China's real estate sector due to the continuing effects of COVID-19 pandemic. After a rise in property prices month-over-month for the first six months of 2021, average new home prices in China's 70 major cities fell month-over-month for the second six months of 2021.
Early 2022 data shows the biggest rise in new home prices since November 2015. Due to these challenging market conditions, we have made a plan to work ceramic tiles products already in inventory through our sales channels. Although we continue to engage in marketing for our products for when the real estate market turns around. Looking forward, China's central government indicated that it will invigorate the economy as it has in the past. It, which would include helping to support China's real estate sector. In early 2020, the People's Bank of China cut its reserve requirement ratio, which freed up more loan capital for home buyers. Due to weakened market demand, banks have lowered mortgage rates by an average of 20-60 basis points.
Some provinces have loosened some of their policies, which include removing restrictions on home purchases for those without full local residency status. Real estate continues to be a vital component of China's economic growth as we assess, and its related business activities is estimated to comprise 25% of China's GDP. We believe that the demand for our ceramic tile products will mostly come from tier three and lower-tier cities, as well as coastal cities over the next few years. We will be increasing our efforts to secure customers in larger Southeast Asia markets.
In terms of our new technology business development activities, during fiscal 2021, we continued to execute on our strategy plans to diversify our operations with new technology sector operations as we generate RMB 71.5 million or $11 million in revenue from our new subsidiaries' business management information system consulting, which includes the sales of software use rights for digital data deposit platform and asset management system, and an online social media platform including live streaming and e-commerce platform development and consulting. These new business segments enable us to realize an 18.2% increase in total revenues for fiscal 2021 as compared to fiscal 2020.
This business outlook reflects the company's current and primary views and is based on the information currently available to us, which are subject to change and subject to risks and uncertainties as well as risks and uncertainties identified in the company's public filings. At this point, we would like to open up the call to any questions pertaining to our second half 2021 financial results. Operator.
We will now begin the question and answer session. As a reminder, if you wish to ask a question, please press star one on your telephone keypad. Again, to ask a question, press star one on your telephone keypad. We'll pause for just a moment to compile the Q&A roster. Once again, if you wish to ask a question, please press star then the number one on your telephone keypad. No further question at this time. David, please continue.
On behalf of the entire Antelope Enterprise management team, we would like to thank all of you for your interest and participation on this call. This concludes Antelope Enterprise's Second Half and Fiscal Year End 2021 Earnings Conference Call. Thank you.
That does conclude our conference for today. You may now disconnect.