Back to all announcements

DJ Asia Wealth Group Holdings Interim Results to 31 August 2017

 
TIDMAWLP 
 
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             6               13,267            21,205 
agreement 
 
Current liabilities 
 
Trade payables                                           1,115,220           951,222 
 
Due to related parties                                      29,082                 - 
 
Liabilities under finance lease             6                8,845             8,482 
agreement 
 
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         Mar - Aug 
                                                          2017              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                           163,165           (9,358) 
cost 
 
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 Capital        Share-based Consolidation Translation Retained  Non-Controlling   Equity 
                                                         Payment      Reserve      Reserve   Earnings     interest 
                                                         Reserve 
 
                                 Number         US$ 
 
Balances at beginning of 1 Mar 11,433,433      913,496      10,708       405,997     (9,317) (372,081)        (17,552)    931,251 
2017 
 
Issuance of share capital               -            -           -             -           -         -               -          - 
 
Share-based payment expired             -            -    (10,708)             -           -    10,708               -          - 
 
Issuance of share warrants              -            -           -             -           -         -               -          - 
 
Disposal of subsidiary                  -            -           -             -           -    71,590          17,552     89,142 
 
Translation differences                 -            -           -             -      10,829         -               -     10,829 
 
Total comprehensive income              -            -           -             -           -   162,444               -    162,444 
 
Balances at end of  31 Aug     11,433,433      913,496           -       405,997       1,512 (127,339)               -  1,193,666 
2017 
 
                     31-Aug-16 
 
                                  Share Capital        Share-based Consolidation Translation Retained  Non-Controlling   Equity 
                                                         Payment      Reserve      Reserve   Earnings     interest 
                                                         Reserve 
 
                                 Number         US$ 
 
Balances at beginning of 1 Mar 11,433,433      913,496      35,423       405,997    (15,919) (302,692)         (1,201)  1,035,104 
2016 
 
Issuance of share capital               -            -           -             -           -         -               -          - 
 
Issuance of share options               -            -           -             -           -         -               -          - 
 
Issuance of share warrants              -            -           -             -           -         -               -          - 
 
Translation differences                 -            -           -             -       3,412    29,313           1,201     33,926 
 

(MORE TO FOLLOW) Dow Jones Newswires

November 24, 2017 05:49 ET (10:49 GMT)

DJ Asia Wealth Group Holdings Interim Results to 31 -2-

Total comprehensive income              -            -           -             -           -  (11,057)               -   (11,057) 
 
Balances at end of  31 Aug     11,433,433      913,496      35,423       405,997    (12,507) (284,436)               -  1,057,973 
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        Mar - Aug 
                                                         2017             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                           (3,150)                - 
Agreements 
 
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                    869,147        1,281,389 
of year 
 
Cash and cash equivalents at end of                $    1,168,212   $    1,368,304 
period 
 
 
 
 
 
 
 
END 
 

(END) Dow Jones Newswires

November 24, 2017 05:49 ET (10:49 GMT)