Blue Hat: Drops as annual profit shrinks

Blue Hat Interactive Entertainment Technology

08/04/2021 20:05

** Shares in toys & children's products co  BHAT.O  down
5.5% at $1.38, snap two-day winning streak
    ** Stock posts biggest intraday fall since March 16
    ** Co after market hours on Wednesday posted 2020 net income
of $8.3 mln, down from $9.1 mln a year earlier  urn:newsml:reuters.com:*:nPn5bTp7Ca
    ** Gross profit margin shrunk to 46.3% for fiscal year 2020,
compared to 68.4% for the prior fiscal year, due to COVID-19
impact
    ** Says establishment and expansion of new businesses
impacted bottom line, but co expects they will support sales and
marketing efforts of education and mobile game offerings
    ** Anticipates gradual improvement in operating margins over
time as it signs new agreements for augmented reality and mobile
game offerings and increase sales of retail products
    ** Shares up ~54% YTD

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))