Asia Wealth Group Holdings Ltd - Interim Results to 31 August 2017
Announcement provided by
Asia Wealth Group Holdings Ltd · AWLP24/11/2017 10:48
FOR IMMEDIATE RELEASE
Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")
UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED
The Board is pleased to report the unaudited interim results of Asia Wealth Group Holdings Limited (“Accounts”) for the period from
Chairman’s Statement
Financial Highlights
The highlights for the six months ended
-- Consolidated revenue of US$1,146,815 (2016: US$600,649 )
-- Gross profit for Meyer Group of US$433,858 (representing a gross margin
of 38%) (2016: US$254,371 and 43%)
-- Cash at bank and on hand of US$1.2m at 31 August 2017 (2016:$1.4m ).
The group reports a profit after tax of
Cash balance has increased by
The Board has taken and is continuing to forge new revenue generating relationships, as well as expanding revenue creating opportunities, in both new avenues and existing. We continue to seek alliances and partnerships with firms in the same and new sectors.
Asia Wealth continues to seek investment opportunities in the
The Accounts have not been audited or reviewed by the Company’s auditors.
The Directors of the Company accept responsibility for the content of this announcement.
Executive Chairman
Contacts:
Asia Wealth Group Holdings Limited, +66 2 2611 2561
www.asiawealthgroup.com
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Financial Position
At
All amounts stated in
Note 31-Aug-17 31-Aug-16
Non-current assets
Fixed assets 3 26,813 36,974
Investment in property 389,135 -
415,948 36,974
Current assets
Cash and cash equivalents 1,168,212 1,368,304
Trade receivables 241,404 197,896
Loans and other receivables 115,348 -
Due from related party 18,619 -
Prepayments and other assets 105,550 75,626
Available-for-sale investment 359,926 358,208
2,009,059 2,000,034
Total assets $ 2,425,007 $ 2,037,008
Equity
Share capital 4 913,496 913,496
Share-based payment reserve 5 - 35,423
Consolidation reserve 405,997 405,997
Translation reserve 1,512 (12,507)
Retained earnings (127,339) (284,436)
Total equity 1,193,666 1,057,973
Non-current liabilities
Liabilities under finance lease agreement 6 13,267 21,205
Current liabilities
Trade payables 1,115,220 951,222
Due to related parties 29,082 -
Liabilities under finance lease agreement 6 8,845 8,482
Deferred revenue 2,572 -
Other payables and accrued expenses 62,355 (1,874)
1,218,074 957,830
Total liabilities 1,231,341 979,035
Total equity and liabilities $ 2,425,007 $ 2,037,008
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Comprehensive Income
For the half year ended
All amounts stated in
Note Mar – Aug 2017 Mar – Aug 2016
Revenue 1,146,815 600,649
Expenses
Commission 695,430 338,235
Professional fees 138,923 66,863
Wages and salaries 13,392 79,295
Directors’ fees 7 101,478 101,106
Travel and entertainment 27,591 24,800
Office expenses 22,186 4,231
Rent 8,252 18,556
Marketing expenses 5,637 6,427
Communication 2,311 2,804
Depreciation 3 16,196 7,117
Bank charges 4,975 3,331
Sundry expenses 16,015 5,905
1,052,386 658,670
Net profit/(loss) from operations 94,429 (58,021)
Other income/(expense)
Foreign exchange gain/(loss) 63,924 43,334
Interest Income 4,812 5,329
Investment income - -
68,736 48,663
Net profit/(loss) before finance cost 163,165 (9,358)
Finance cost
Interest expense (721) (1,699)
Net profit/(loss) before taxation 162,444 (11,057)
Taxation 8 - -
Total comprehensive income (loss) $ 162,444 $ (11,057)
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Changes in Equity
For the half year ended
All amounts stated in
31-Aug-17
Share Share-based Consolidation Translation Retained Non-Controlling Equity
Capital Payment Reserve Reserve Earnings interest
Reserve
Number US$
Balances at 11,433,433 913,496 10,708 405,997 (9,317) (372,081) (17,552) 931,251
beginning of
1 Mar 2017
Issuance of - - - - - - - -
share capital
Share-based - - (10,708) - - 10,708 - -
payment
expired
Issuance of - - - - - - - -
share
warrants
Disposal of - - - - - 71,590 17,552 89,142
subsidiary
Translation - - - - 10,829 - - 10,829
differences
Total - - - - - 162,444 - 162,444
comprehensive
income
Balances at 11,433,433 913,496 - 405,997 1,512 (127,339) - 1,193,666
end of 31 Aug
2017
31-Aug-16
Share Share-based Consolidation Translation Retained Non-Controlling Equity
Capital Payment Reserve Reserve Earnings interest
Reserve
Number US$
Balances at 11,433,433 913,496 35,423 405,997 (15,919) (302,692) (1,201) 1,035,104
beginning of
1 Mar 2016
Issuance of - - - - - - - -
share capital
Issuance of - - - - - - - -
share options
Issuance of - - - - - - - -
share
warrants
Translation - - - - 3,412 29,313 1,201 33,926
differences
Total - - - - - (11,057) - (11,057)
comprehensive
income
Balances at 11,433,433 913,496 35,423 405,997 (12,507) (284,436) - 1,057,973
end of 31 Aug
2016
ASIA WEALTH GROUP HOLDINGS LIMITED
Consolidated Statement of Cash Flows
For the half year ended
All amounts stated in
Mar – Aug 2017 Mar – Aug 2016
Operating activities
Profit/(Loss) 162,444 (11,057)
Add back Depreciation 16,196 7,119
Receivables (26,363) 134,742
Loan and Other Receivable 17,698 -
Prepayments and other assets (9,198) 2,318
Payables 187,266 15,914
Liabilities Under Finance Lease Agreements (3,150) -
Deferred Revenue 614 -
Other Payables and Accrued Expenses (35,042) (16,594)
Cash flows from operating activities 310,465 132,442
Investing activities
Acquisition of fixed assets (11,312) (3,253)
Investments (50,653) (1,235)
Change in equity 99,971 (41,039)
Cash flows from investing activities 38,006 (45,527)
Financing activities
Net advances from related party (49,406) -
Cash flows from financing activities (49,406) -
Net increase/(decrease) in cash and cash 299,065 86,915
equivalents
Cash and cash equivalents at beginning of 869,147 1,281,389
year
Cash and cash equivalents at end of period $ 1,168,212 $ 1,368,304
View more ...
