Asia Wealth Group Holdings Ltd - Asia-focused investor in wealth management businesses - Posts a drop in profit and revenue, which it attributes to accounting rules
Pretax profit in the year ended February 28 drops to USD11,697 from USD194,287. Revenue falls to USD1.7 million from USD1.9 million, the London-based firm reports. Firm does not recommend a dividend for the full year, unchanged from a year ago.
"The gain would have been larger had it not been for excessive unrealised currency losses from our JPY yen holdings as well as a write-down of recently made investment by the Meyer Group in BRM Agri Cambodia. We believe the write-down is strictly due to accounting rules," says Chair Richard Cayne.
He adds: "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."
Current stock price: 30 pence
By Tom Budszus; tombudszus@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.