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BANGKOK - Asia Wealth Group Holdings Limited (AQSE:AWLP) reported a return to profitability for the financial year ended February 28, 2025, posting a consolidated profit of $2,004 compared to a loss of $108,301 in the previous year.
The turnaround came despite a decline in commission income to $962,319 from $1,022,085 a year earlier, according to the company’s audited financial results released Friday. The modest profit was achieved primarily through reduced commission expenses, which fell to $279,726 from $369,114, and favorable foreign exchange movements.
The wealth management firm, which operates primarily through its wholly owned subsidiary Meyer Asset Management Ltd, reported total assets of $2.36 million, slightly down from $2.37 million in the previous year. Cash and cash equivalents stood at $1.08 million as of February 28, 2025.
"The Board remains focused on further acquisitions and partnerships in Asia and Europe as well as the south-east Asian region," said Richard Cayne, Chairman of Asia Wealth Group, in a statement accompanying the results. He noted that the company has "a cash surplus to seek further acquisitions" and is currently in discussions with businesses in the wealth management and clean energy sectors.
The company’s directors did not recommend a dividend payment for the year.
Operating expenses decreased marginally to $1.02 million from $1.11 million in the previous year, with directors’ fees remaining stable at approximately $302,000. The company recorded other income of $35,278 and a net foreign exchange gain of $27,202, which helped offset the operating loss of $59,979.
The financial results were released as part of the company’s annual audited report based on a press release statement.
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