Connect with us

Hi, what are you looking for?


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

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



BW FILE PHOTO THE PESO continued to strengthen against the dollar on Thursday following remarks from the US Federal Reserve chief that cemented market...


BW FILE PHOTO SHARES closed lower on Thursday on profit taking amid hints of slower rate hikes from the US Federal Reserve and inflation...


DA.GOV.PH THE government wants to keep its low-cost Kadiwa food outlets in operation until February or March, when it expects food inflation to ease,...


NGCP.PH THE National Grid Corp. of the Philippines (NGCP) issued a yellow alert over the Luzon grid on Thursday after five power plants experienced...


PHILIPPINE STAR/ MIGUEL DE GUZMAN SETBACKS to the education system will require remedies which are expected to cost P25 billion a year, just to...


By Luisa Maria Jacinta C. Jocson, Reporter THE Philippines placed 19th out of 120 countries in the Open Budget survey, which gauges the transparency...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.