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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 $11,697 from $194,287. Revenue falls to $1.7 million from $1.9 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
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