{"id":23669,"date":"2023-12-01T21:30:00","date_gmt":"2023-12-01T21:30:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4282932_CN82932_0"},"modified":"2023-12-01T21:30:00","modified_gmt":"2023-12-01T21:30:00","slug":"prestige-wealth-inc-announces-first-half-of-fiscal-year-2023-financial-results","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=23669","title":{"rendered":"Prestige Wealth Inc. Announces First Half of Fiscal Year 2023 Financial Results"},"content":{"rendered":"\n

HONG KONG<\/span>, Dec. 2, 2023 \/PRNewswire\/ — Prestige Wealth Inc. (Nasdaq: PWM) (the "Company" or "Prestige Wealth"), a wealth management and asset management services provider based in Hong Kong<\/span>, today announced its unaudited financial results for the six months ended March 31, 2023<\/span>.<\/span><\/p>\n

Mr. Hongtao Shi<\/span>, the Company’s Chairman and Chief Executive Officer, commented, "Reflecting upon the first half of fiscal year 2023, we faced some undeniable headwinds in our wealth management business, largely stemming from the ramifications of the COVID-19 pandemic. However, amidst these challenges, there’s a silver lining that underscores our resilience and adaptability: we successfully garnered a significant part of our total revenues from fresh engagements in asset management, compared to the same period of financial year 2022."<\/p>\n

Mr. Shi continued, "Peering into the horizon, we are filled with a strong sense of optimism. The signs are evident that the China<\/span> market is poised for a robust recovery from COVID-19 pandemic. This presents us with immense opportunities, and we want to assure our clients and stakeholders that we are in prime position to harness these prospects. We’re committed to continually elevating our offerings, in keeping with the evolving preferences of our discerning clientele. By doing so, we not only aim to achieve stellar asset management returns but also fortify the trust bestowed upon us. In sum, our unwavering focus remains to deliver exceptional value for our shareholders, laying down a roadmap that promises growth and prosperity for all stakeholders."<\/p>\n

First Half of Fiscal Year 2023 Financial Results<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n<\/td>\n\n

For the Six Months Ended March 31,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

2023<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

2022<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Change<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

Change<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

USD<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

%<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n\n

(Unaudited)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(Unaudited)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Selected Unaudited Interim Condensed Consolidated Statements of Income Data:<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net revenues<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

565,330<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,789,681<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,224,351)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(68.41)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Operation cost and expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(308,774)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(296,653)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(12,121)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

4.09<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Income from operations<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

256,556<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,493,028<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,236,472)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(82.82)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Other income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

3,335<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

58,350<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(55,015)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(94.28)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Income before income taxes<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

259,891<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,551,378<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,291,487)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(83.25)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Income taxes expenses<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

(21,019)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(246,209)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

225,190<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(91.46)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Net income<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

238,872<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

1,305,169<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(1,066,297)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(81.70)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Earnings per ordinary share \u2013 basic and diluted<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n\n

0.030<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

0.163<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(0.133)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n\n

(81.70)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

Net Revenues<\/i><\/b><\/p>\n

Net revenues were $565,330<\/span> in the six months ended March 31, 2023<\/span>, compared to $1,789,681<\/span> in the six months ended March 31, 2022<\/span>. The decrease was primarily due to decrease in net revenue from wealth management services, partially offset by the increase in net revenue from asset management services.<\/p>\n