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Asia Wealth Group Holdings Ltd - Bangkok-headquartered investment holding company seeking to acquire companies in Asia and European companies that have the potential to expand into Asia - Swings to a pretax loss of $187,961 in the year ended February 28 from a profit of $11,697 the year prior. Says its loss would have been smaller had it not been for ‘excessive unrealized currency losses’ from its Japanese yen holdings. Revenue totals $1.4 million, down 18% from $1.7 million the previous year. Records impairment losses of $22,250 compared to $2,700 the year prior. Records a net foreign currency exchange loss of $205,143 compared to $137,603 the year prior. Does not recommend a dividend.
‘The company continues to search for new areas of business expansion opportunities in South East Asia and in Europe, where it is has identified and engaged in meaningful discussions which should soon lead to a boost in business volumes. The company‘s main source of income continued to be through Meyer Asset Management Ltd, a wholly owned subsidiary of the company. The board remains focused on further acquisitions and partnerships in Asia and Europe as well as the south-east Asian region. The board has a cash surplus to seek further acquisitions and is currently in active discussions with businesses in the Wealth Management and Fintech space,’ the company says.
Current stock price: 30.00 pence
12-month change: unchanged
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