Fri, Nov 8, 2:55 PM (253 days ago)
**AsiaFIN Holdings Corp. (ASIA)** reported its Q3 2024 financial results, indicating significant revenue growth but continued net losses. For the three months ending September 30, 2024, revenue reached $1,032,360, up from $695,145 in Q3 2023, contributing to a nine-month total of $2,094,588 versus $1,813,426 the previous year. The gross profit for Q3 was $983,587, reflecting improved operational efficiency despite a rise in selling, general, and administrative expenses to $792,496 from $737,279. The company reported a net income of $184,481 in Q3 2024, a reversal from a net loss of $74,394 in Q3 2023, though the nine-month net loss narrowed to $374,726 from $418,304 year-over-year. Cash flow from operating activities showed a reduction in cash used, totaling $257,116 compared to $282,345 in the same period last year. Despite these improvements, AsiaFIN faces uncertainties, including a substantial accumulated deficit of $8,270,749 and reliance on shareholder support for future operations. The company continues to invest in technology solutions, aiming for growth in the competitive IT services sector. Management highlights the need for effective internal controls, noting material weaknesses in financial reporting processes.