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November 21, 2006 - 4:20 PM EST
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AAGH 0.065 0.004
Today 5d 1m 3m 1y 5y 10y
Asia Global Holdings Corporation Posts Third Quarter Revenues of $2,017,736 Up 394% From Third Quarter 2005
LOS ANGELES, Nov. 21 /PRNewswire-FirstCall/ -- Asia Global Holdings Corporation (OTC Bulletin Board: AAGH) announced its financial results for the third quarter ended September 30, 2006 including quarterly revenue of $2,017,736, a 394% gain compared to $408,222 in revenues for the third quarter ended September 30, 2005.
The Company's profit before provision for income tax in the three months ended 30 September 2006 was $1,022,005.64. Fees in the sum of $1,643,750 paid in common stock, not cash, in the 3rd quarter offset the above-mentioned normal business operation results and brought about a net loss of $693,643 for the three months ended 30 September 2006. The fees were settled in the form of issuance of common stock resulting in no effect to the cash flow in the period.
The Company attributes its positive increase in profits from normal business operations to increased sales and profits in its media & advertising segment in China and Hong Kong, and tightly controlled expenses.
In the second quarter of this year the Company posted revenue and income growth with revenue and profits up 83% and 370% respectively over its 2005 second quarter.
Management has stated that it intends to continue its efforts to build Asia Global Holdings Corp. into an advertising, media, marketing and entertainment powerhouse in the booming China markets.
About Asia Global Holdings Corporation
Asia Global Holdings Corporation (OTC Bulletin Board: AAGH) has a strong focus on building business in China and other emerging regions and markets in Asia and worldwide. The company's present subsidiaries participate in media & advertising and marketing services. The Company has offices in the US, Hong Kong and China.
Asia Global Holdings Corporation Website:
www.asiaglobalholdings.com
Forward looking Statements in this document that are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on trends that we anticipate in our industry and our good faith estimate of the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause of actual business and results of operations to differ materially from those reflected in our forward-looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities and Exchange Commission website,
WWW.SEC.GOV.
SOURCE Asia Global Holdings Corporation
Source: PR Newswire (November 21, 2006 - 4:20 PM EST)
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