Asia Wealth Group Holdings Ltd - Audited Results to 28 February 2019
Announcement provided by
Asia Wealth Group Holdings Ltd · AWLP05/08/2019 14:37
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AUDITED RESULTS FOR THE FINANCIAL YEAR ENDED
Chairman’s Statement
The Board is pleased to report the audited results of the Company for the Financial Year from
The Company reports a consolidated profit of
The Company increased its profitability and continues to search for new areas of business expansion opportunities in
The Board remains focused on further acquisitions and partnerships in
I would again like to thank the Company’s staff for their hard work throughout the year and shareholders for their support and we look forward to taking advantage of the opportunities which we expect to encounter in the forthcoming year.
The Directors do not recommend the payment of a dividend for the year ended
Chairman
The Directors of the Company accept responsibility for the content of this announcement.
Contacts:
Consolidated Statement of Financial Position
At
Expressed in
2019 2018
Non-current assets
Fixed assets 13,538 25,130
Investment property 378,523 400,343
392,061 425,473
Current assets
Cash and cash equivalents 1,083,880 1,346,655
Trade receivables (net of allowance for doubtful 158,027 228,577
accounts of $7,090 (2018: $nil))
Financial assets at fair value through profit or loss 230,302 318,162
Loans and other receivables 617,397 92,168
Prepaid tax 1,285 687
Prepayments and other assets 94,469 104,964
2,185,360 2,091,213
Total assets $ 2,577,421 $ 2,516,686
Equity
Share capital 913,496 913,496
Treasury shares (318,162) —
Consolidation reserve 405,997 405,997
Translation reserve 29,325 28,725
Retained earnings/(accumulated deficit) 123,861 (135,730)
Total equity 1,154,517 1,212,488
Non-current liabilities
Liabilities under finance lease agreements 1,556 10,900
Current liabilities
Trade payables 1,315,298 1,194,592
Due to director 3,114 4,797
Liabilities under finance lease agreements 7,779 7,785
Tax payable 879 2,586
Other payables and accrued expenses 94,278 83,538
1,421,348 1,293,298
Total liabilities 1,422,904 1,304,198
Total equity and liabilities $ 2,577,421 $ 2,516,686
Consolidated Statement of Comprehensive Income
For the year ended
Expressed in
2019 2018
Revenue
Commission income 2,397,341 2,160,615
Rental income 31,409 29,983
2,428,750 2,190,598
Expenses
Commission expense 1,509,995 1,327,368
Professional fees 311,910 323,883
Directors’ fees 298,276 202,700
Impairment losses 8,827 106,613
Travel and entertainment 76,010 54,539
Office expense 41,458 43,763
Wages and salaries 47,266 43,253
Depreciation 34,041 35,057
Rent 17,094 16,417
Marketing 9,623 11,422
Other expenses 37,658 39,911
2,392,158 2,204,926
Net income/(loss) from operations 36,592 (14,328)
Other income/(expenses)
Gain on disposal of associate company — 7,522
Foreign currency exchange (loss)/gain (62,838) 113,537
Net change in financial asset at fair value through 2,425 —
profit or loss
Other income 292,463 44,360
232,050 165,419
Net income before finance costs 268,642 151,091
Finance costs
Interest expense 822 973
Net income before taxation 267,820 150,118
Taxation 1,050 3,273
Total comprehensive income $ 266,770 $ 146,845
Total comprehensive income attributable to equity holders 266,770 146,845 of the Parent Company Earnings per share attributable to the equity holders of the Parent Company: Basic earnings per share$ 0.02401 $ 0.01284 Diluted earnings per share$ 0.02401 $ 0.01284
Consolidated Statement of Cash Flows
For the year ended
Expressed in
2019 2018
Operating activities
Total comprehensive income 266,770 146,845
Adjustments for:
Impairment losses 8,827 106,613
Depreciation 34,041 35,057
Gain on disposal of fixed assets — (7,522)
Foreign currency exchange loss/(gain) 57,965 (28,354)
Operating income before changes in operating assets and 367,603 252,639
liabilities
Changes in operating assets and liabilities:
Decrease/(increase) in trade receivables 54,544 (68,214)
(Increase)/decrease in loans and other receivables (525,229) 40,878
Increase in financial assets at fair value through (230,302) —
profit or loss
Increase in prepaid tax (598) (687)
Decrease/(increase) in prepayments and other assets 10,495 (8,612)
Increase in trade payables 120,706 266,638
Decrease in liabilities under finance lease agreements (9,350) (6,577)
Decrease in deferred revenue — (1,958)
(Decrease)/increase in tax payable (1,707) 2,586
Increase/(decrease) in other payables and accrued 10,740 (13,859)
expenses
Cash flows (used in)/from operating activities (203,098) 462,834
Investing activities
Disposal of associate — 7,522
Acquisition of fixed assets (970) (6,398)
Cash flows (used in)/from investing activities (970) 1,124
Financing activities
Net advances from related party (1,683) (55,072)
Cash flows used in financing activities (1,683) (55,072)
Net (decrease)/increase in cash and cash equivalents (205,751) 408,886
Effects of exchange rate fluctuations on cash and cash (57,024) 68,622
equivalents
Cash and cash equivalents at beginning of year 1,346,655 869,147
Cash and cash equivalents at end of year $ 1,083,880 $ 1,346,655
Cash and cash equivalents comprise cash at banks.
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