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Asia Wealth Group Holdings Ltd - Interim Results to 31 August 2017


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Asia Wealth Group Holdings Ltd · AWLP

24/11/2017 10:48

Asia Wealth Group Holdings Ltd - Interim Results to 31 August 2017 PR Newswire

FOR IMMEDIATE RELEASE                                                         24 November 2017

Asia Wealth Group Holdings Limited
("Asia Wealth" or the "Company")

UNAUDITED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 31 AUGUST 2017

The Board is pleased to report the unaudited interim results of Asia Wealth Group Holdings Limited (“Accounts”) for the period from 1 March 2017 to 31 August 2017. These Accounts have been prepared under IFRS and will shortly be available via the Company’s website, www.asiawealthgroup.com.

Chairman’s Statement

Financial Highlights

The highlights for the six months ended 31 August 2017 include:

    --  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 US$0.162 million on sales of US$1.147 million for the six months ended 31 August 2017. These sales were generated by the Company’s wholly owned subsidiary, Meyer Asset Management Ltd., BVI. This improvement in profitability was principally caused by revenue increase.  

Cash balance has increased by US$299,065 and net assets by US$262,415, respectively, since 1st March 2017.

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 Asia region and is currently engaged in multiple discussions on various potential acquisitions.  The Directors continue to run the business in a cost-effective manner.

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.

Richard Cayne
Executive Chairman

Contacts:

Richard Cayne (Executive Chairman)
Asia Wealth Group Holdings Limited, +66 2 2611 2561
www.asiawealthgroup.com

Guy Miller (Corporate Advisers)
Peterhouse Corporate Finance Limited, +44 20 7220 9795

ASIA WEALTH GROUP HOLDINGS LIMITED

Consolidated Statement of Financial Position
At 31 August 2017

All amounts stated in U.S. Dollars


                                           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 31 August 2017

All amounts stated in U.S. Dollars


                                       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 31 August 2017

All amounts stated in U.S. Dollars


    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 31 August 2017

All amounts stated in U.S. Dollars


                                               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



   




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