Good day and thank you for standing by. Welcome to the Antelope Enterprise First Half twenty twenty Earnings Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, David Rudnick. Please go ahead.
Thank you, Lisa. Good morning, ladies and gentlemen, and good evening to those of you who are joining us from China. Welcome to Antelope Enterprises First Half twenty twenty one Earnings Conference Call. With us today are Antelope Enterprises' Chief Executive Officer, Ms. Mai Chuang Huang and the Chief Financial Officer, Mr.
Edmund Hem. Before turning the call up to Ms. Huang, I would like to address all of these statements that may be discussed on the call. Following 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, outcomes and results may differ materially from those expressed in forward looking statements.
The company claims the safe harbor of protections for such forward looking statements as contemplated under the Private Securities Litigation Reform Act of 1995. Please report the documents filed by the company with the SEC, specifically the most recent reports on Forms 20 F and 6 ks, which identify important risk factors that could cause actual results to differ from those contained in the forward looking statements. We assume no obligation to update any forward looking statements or information which speak as of their respective dates. And now, it's my pleasure to turn the call over to Antelope Enterprises' CEO, Ms. Mai Zhong Huang and Antelope Enterprises' CFO, Mr.
Edmund Hen. Shao Liu Jie will be translating for Ms. Wang. Ms. Wang, you may proceed.
Thank you, David. On behalf of the company, I would like to welcome everyone to our first half twenty twenty one earnings conference call. For the first half of twenty twenty one, we experienced challenging market conditions due to the slowdown of the real estate sector in China, which was still being impacted by the continued effects of the COVID-nineteen pandemic. Our sustained marketing efforts during this period enabled us to realize an 11% increase in sales volume in the first half of the fiscal twenty twenty one as compared to the same period of 2021. We made a strategic decision to sell products already in inventory at available market prices that are below our cost of production, which hindered our profitability for the first half twenty twenty one.
However, this will help us to shift the momentum of the company towards future growth. For the first half of twenty twenty one, we utilized production facilities capable of producing 1,100,000 square meters of ceramic tiles per year out of effective annual production capacity of 51,600,000 square meters of ceramic tiles. We took production offline at our Hyundai facility for the first half twenty twenty one, excepting that we won't leave to a third party since we determined that we had ample inventory available to walk through our sales channels. While we are committed to our core business, we are also focused upon diversifying our business lines to fuel our growth. We're encouraged that Antelope Chengdu, one of our subsidiaries in the financial technology sector, contribute a significant level of revenues to our financial performance for the first half of twenty twenty one.
We believe that our building materials sector will continue to benefit from the importance of the rail sector to the Chinese economy. We believe that the Chinese government's renewed efforts to promote affordable housing, projected growth in lower tier cities and upgrading of existing housing stock are potential catalysts that could benefit our business. With that, I would like to turn over the call to the company's Chief Financial Officer, Ms. Admiral Feng, who will discuss the company's first half twenty twenty one 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 6 months ended June 30, 2021. Our revenue for the 6 months ended June 30, 2021 was RMB 50,100,000 or $7,700,000 a 25.9 percent increase from RMB 39,800,000 or $5,600,000 for the same period of 2020. The increase in revenue was due a 6% increase in the sales of ceramic tiles to $42,200,000 or $6,500,000 for the 6 months of 2021 as compared to RMB39.8 million or US5.6 million dollars for the same period of 2020 and RMB7.9 million or $1,200,000 in software rights with revenue from Angelo Chengdu.
The increase in sales of ceramic tiles was due to an 11.1% increase in our sales volume to 2,000,000 square meters of ceramic tiles for the 6 months ended June 30, 2020 1, compared to 1,800,000 square meters of Salamatau for the same period of 2020, which was partially offset by an 8.6% period over period decrease in average selling times. Gross loss for the 6 months ended June 3, 2021 was RMB6.5 million or $1,000,000 as compared to gross profit of RMB 0.9 million or $0.1 million for the same period of 2020. The gross loss margin was 13% as compared to net gross profit margin, 2.4 percent for the same period of 2020. Our income for the 6 months ended June 30, 2021 was RMB 7,100,000 or US1.1 million dollars compared to the RMB9.8 million or US1.4 million dollars for the comparable period of 2020. Other income primarily consists of rental income for the company received by leasing out one of its production lines from its handily facility purchased to and 8 year leased contracts.
In addition, we realized RMB2.4 million or $0.3 million in technology consulting income from our newly incorporated subsidiary, XunDee Future, during the 6 months ended June 30, 2020. Selling and distribution expenses for the 6 months ended June 30, 2021, were RMB3.2 million or $0.5 million, a decrease from RMB5.2 million or 0.7 million for the comparable period of 2020. Administrative expenses for the 6 months ended June 30, 2021 were RMB 7 point 2 million or $2,700,000 as compared to RMB 14,700,000 or $2,100,000 for the same period of 2020. Bad debt expense for the 6 months ended 30, 2021 was RMB49,800,000 or 7,700,000 as compared to bad debt expense of RMB 101,800,000 or $14,400,000 for the same period of 2020. We recognized a loss allowance for expected credit loss on our financial assets, primarily on trade receivables, which are subject to impairment under our IFRS 9 financial instruments.
We believe that we have undertaken appropriate measures to resolve our bad debt expense. We will continue to review each of our questions for credit quality as well as as securously test their account receivables guidances in each upcoming fiscal period. Net loss for the 6 months ended June 30, 2021 was RMB70.8 million or $10,900,000 as compared to net loss of RMB 111,500,000 or US15,800,000 for the same period of 2020. The decrease in net loss was mainly due to a decrease in bad debt expense, which was partially offset by an increase in gross loss and an increase in administrative expenses. Loss per basic and fully diluted share for the 6 months ended June 30, 2021 was RMB16.24 or US2.51 dollars as compared to loss per basic and fully diluted share of RMB 40.82 or US5.77 dollars for the same period of 2020.
With the latter figures retroactively present for the 3:one reverse stop still effective on September 30, 2020. Turning to our balance sheet. As of June 30, 2021, we had cash and bank balances of RMB34 1,000,000 or $5,300,000 compared to RMB12.3 million or US1.9 million dollars as of December 31, 2020. As of June 30, 2021, our inventory churn was 128 days as compared to 190 days as of December 31, 2020. The decrease in inventory turnover days was primarily due to the succession of production at our Heindley facility during the 6 months end June 30, 2021 due to our plan to primarily utilize current inventory in stock.
We believe that the value of our current inventory is realizable. Our tradecy residual turnover net of value added tax as of June 30, 2021, was 253 days as compared to 242 days as of December 31, 2020. The increase in trade receivables to offer was primarily due to the slow collection of our trade receivables as a result of tight cash flow as compared as reported by our customer due to the COVID-nineteen pandemic. Our trade payer turnover, net of net related cash, was 70 days as of June 30, 2021, as compared to 22 days as of December 31, 2020. The average 12 days was within the normal credit period of 1 to 4 months granted by our suppliers.
In terms of our plant utilization and CapEx, we utilized the plant capacity capable of producing 1,100,000 square meters. Of ceramic tiles for the 6 months end June 30, 2021, as compared to 6 months end June 30, 2020. When we will utilize production capacity capable of producing 2,600,000 square meters. Our hand capacity has an annual production capacity of 20,800,000 square meters of ceramic tiles and we utilized the production capacity as a facility capable of producing 1,100,000 square meters of ceramic tiles for the 6 months ended June 30, 2021. Our Han River City has an annual production capacity of 28,800,000 square meters, which excludes our leasing of 10,000,000 square meters of production capacity to a third party and we utilized no production capacity at our Henguli facility for the 6 months ended June 30, 2021 due to heavy utilized current inventory in stock.
We reviewed the level of capital expenditure throughout the year and made adjustments subject to market condition. Although business conditions are subject to change, we anticipate a modest level of capital expenditure for the remainder of 2021 other than those associated with minimal upgrade, small repairs and maintenance of equipment. Moving to our business outlook. For the first half of twenty twenty one, the company's operating results were impacted by the continued slowdown of China Real Estate sector, which was still being impacted by the continued effects of the COVID-nineteen pandemic. Although we utilized a 6% over period over period increase in revenue, we realized a 6% for period over period increase in revenue from sales of ceramic tiles.
We made a strategic decision to sell products already in inventory at available market prices as far below our cost of production, which results in gross loss. However, the generation of RMB7.9 million or 1,200,000 in revenue from 1 of our new subsidiaries in the financial technology center enabled us to realize a 26.9% increase in total revenue for the 6 months ended June 30, 2021, as compared to the same period of 2020. Looking forward, China Real Estate sector continues to be a vital component of China's economic growth as the sector and its impact on the other business activity is estimated to comprise 25% of China's GDP. However, certain factors could potentially limit the growth of the real estate sector. For example, in order to stem new estate speculation and heightened profit.
The Chinese government has outlined measures facing a ceiling on debt relative to royalty derivatives' cash flows, excess and capital level. The effect of such credit checks and measures on property developer sector to reduce land purchases and real estate development. In addition, as it has seen in the past, the central government could impose land bankrupt such as constrained on mortgage lending and restriction on the number of homes that family can buy. Further, certain municipalities have helped land option in order to cool what have been excessive price bidding land options. We anticipate that this trend could potentially deliver new project development, which could make the business condition for the construction and building material sectors challenging.
We believe that the real estate and construction sector will continue to grow in the long term, which is of key importance to the building material sector, and the urbanization continues to be a key driven structure for construction activity. In addition, the Chinese government has announced that we intend to promote the construction of 1,000,000 affordable housing units in 2021. This, along with the upgrading of Michelangelo housing stock and the renovation of existing home, the need to a higher demand for building materials. We believe that the demand for our projects will mostly come from Tier 3 and lower tier cities as well as trust tool cities over the next few years. However, we will also market our products to Tier 1 and Tier 2 cities as the opportunity arise, and we will be increasing our effort to secure customer in the larger Southeast Asia markets.
We remain focused on diversifying our operations to fuel our growth as a new subsidiary in the financial and challenging sector contributed a significant level of revenue to our financial performance in the first half of twenty twenty one. This business outlook reflects the company's current and preliminary views and is based on the information currently available to us, which are subject to change and is 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 first half of twenty twenty one financial results. Operator,
Thank you. There are no questions at this time. I would like to hand the conference back to our speakers. I would like to hand the conference back to David since we have no questions at the moment. Thank you.
Thank you. On behalf of the entire NOLF Enterprise management team, I want to thank all of you for your interest and participation on this call. This concludes Enel Enterprise's first half twenty twenty one earnings call.
Thank you all very much.
This concludes today's conference call. Thank you for participating. You may now disconnect.