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Asia Wealth Group Holdings Ltd on Thursday recorded a loss, blaming unrealised foreign exchange losses.
The London-based wealth management business said its pretax loss for the six months ended August 31 was $182,567 swinging from a profit of $123,067 a year ago.
According to chair Richard Cayne, ‘unrealised exchange losses on a weak yen’ were to blame for the swing to loss.
The company said that interim revenue was down 10% to $843,863 from $940,113 a year prior. Cayne said Asia wealth ‘is continuing to forge new revenue generating relationships, as well as expanding revenue creating opportunities.’
‘Asia Wealth continues to seek investment opportunities in the UK as well as in the Asia region and is currently engaged in multiple discussions on various potential acquisitions,’ he said.
The company reported that the foreign currency exchange loss in the first half had widened from $197,409 from $52,948 a year ago.
Shares in the company were unchanged at 30 pence each in London on Thursday afternoon.
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