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Asiabest Group manages to cut net loss

ASIABEST Group International, Inc. narrowed its net loss to P758,217 in the third quarter from the P1.09-million loss recorded a year ago after it incurred lower operating expenses.

During the quarter, the company’s non-operating income amounted to P513,652, up by 1.4% from P506,323 in the same period last year. The growth mainly came from its interest income.

“Cash in banks earn interest at the respective bank deposit rates. Short-term investments are made for varying periods … depending on the immediate cash requirements of the company,” Asiabest Group said in its report.

For the three quarters to September, the company’s net loss totaled P2.93 million, lower by 17.3% from the P3.54-million loss last year.

Its year-to-date operating expenses were lower by 12.3% to P4.45 million from the P5.08 million expenses it recorded a year ago.

Year to date, the company’s non-operating income declined by 0.8% to P1.52 million from P1.53 million last year despite booking a foreign exchange loss of P7,147 last year.

Asiabest Group is an investment holding corporation that engages in real and personal property of every kind. It sold two-thirds of its shares to Tiger Resort Asia Ltd. (TRAL) in 2018.

In February 2019, it concluded the share purchase agreement with TRAL, which made Tiger Resort, Leisure and Entertainment, Inc. Asiabest Group’s wholly owned subsidiary.

On the stock exchange on Thursday, shares in Asiabest Group closed unchanged at P4.05 apiece. — Justine Irish D. Tabile

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