Business
Alset EHome International Inc. Singapore Subsidiary Announces Earnings Turnaround with Net Profit Of US$45.0 Million For FY2020, Alongside Plans To Develop First-Of-Its-Kind Sustainable Healthy Living Community
BETHESDA, MD / ACCESSWIRE / March 5, 2021 / Alset EHome International Inc. (NASDAQ:AEI) (the "Company"), a diversified holding company principally engaged
About this update from Alset Inc.
[{"type":"text","content":"BETHESDA, MD / ACCESSWIRE / March 5, 2021 / Alset EHome International Inc. (NASDAQ:AEI) (the \"Company\"), a diversified holding company principally engaged through its subsidiaries in property development, digital transformation technology and biohealth activities, today announced that the Company's majority owned subsidiary, Alset International Limited (\"Alset International\") has released unaudited financial results for the full year ended December 31, 2020 (\"FY2020\") and provided an update on its latest business developments.Alset International reported that for FY2020, Alset International's other income increased by US$52.0 million to US$52.9 million, driven mainly by a US$50.5 million gain on the disposal of Impact Biomedical, Alset International's Biomedical arm, following the completion of the US$50 million purchase by NYSE-listed Document Security Systems Inc. on August 24, 2020.Revenue for Alset International posted a 24.0% year-on-year decline to US$17.6 million, mainly attributable to a decline in revenue generated from the Ballenger Run project in Frederick, Maryland to US$16.0 million, and no revenue from Alset International's Lakes at Black Oak project near Houston, Texas, as it is currently undergoing redevelopment.As a result, Alset International recorded a net profit attributable to shareholders of US$45.0 million for FY2020, a significant turnaround from a net loss of US$10.2 million in the preceding year.Alset International recorded cash and cash equivalents of US$16.9 million as at the end of December 31, 2020 (up from US$2.9 million at December 31, 2019). Alset International remains in a net cash position of US$16.0 million as at December 31, 2020 (up from US$2.8 million at December 31, 2019).We note that while our Singapore-based majority owned subsidiary reported the unaudited, non-GAAP financial information described above, in accordance with US GAAP, the Company will not recognize the gain on the disposal of Impact Biomedical in its income statement.Building Sustainable Healthy Living SystemAlset International also provided the following update on its business activities. Alset International has built up an eco-system of businesses based around sustainable living for its novel and first-of-its-kind sustainable healthy living communities. Driven by its land development subsidiary, Alset EHome Inc., Al...