Business
Top Financial Group Limited Reports Financial Year Results Ended March 31, 2022
HONG KONG, Aug. 17, 2022 (GLOBE NEWSWIRE) -- TOP Financial Group Limited (the "Company") (NASDAQ: TOP), a fast-growing online brokerage firm located in Hong
About this update from Top Financial Group Limited
[{"type":"text","content":"HONG KONG, Aug. 17, 2022 (GLOBE NEWSWIRE) -- TOP Financial Group Limited (the \"Company\") (NASDAQ: TOP), a fast-growing online brokerage firm located in Hong Kong specializing in the trading of local and foreign equities, futures, options products and other financial services, today reported its financial results for the fiscal year ended March 31, 2022. Fiscal year 2022 highlights: Revenues generated from provision of trading solution services to 9 customers was approximately $3.3 million for the year ended March 31, 2022. The Company commenced trading solution services in May 2021.Other service revenues increased from $277,937 in the year ended March 31, 2021 to $280,677 in the year ended March 31, 2022.Total revenues decreased by approximately $9.1 million, or 53.7%, to $7.8 million for the year ended March 31, 2022 from $16.9 million for the year ended March 31, 2021. The decrease was mainly due to the volatility of the futures market and our customers reduced risk tolerance, which negatively impacted the futures contract volume on our platform.Net margin increased 15.3 percentage points to 44.9% for the year ended March 31, 2022, from 29.6% for the fiscal year ended March 31, 2021. For fiscal years ended March 31($ millions, except per share data, differences due to rounding)2022 2021 % ChangeTotal revenues$7.8 $16.9 (53.8%)Total expenses$4.2 $11.8 (64.4%)Income before income taxes$3.6 $5.1 (29.4%)Net income$3.5 $5.0 (30.0%)Net margin44.9% 29.6% 15.3percentage pointsEarnings per share – Basic and Diluted$0.12 $0.17 (29.4%) Mr. Ka Fai Yuen, chief executive officer commented: “The past few years have been quite challenging as factors such as economic and political conditions, market conditions, clients’ risk appetite have led to an overall decrease in futures trading activities that impacted our fiscal quarters ended December 31, 2019 and March 31 2020. The trading activities did recover and remain moderately stable from the fiscal quarter ended on June 30, 2020 to the fiscal quarter ended March 31, 2021. However, travel restrictions in Hong Kong from time to time and the economic and financial impact brought about by the COVID-19 pandemic had caused a decrease in our customers’ disposable income and in their willingness to trade and make investments, and therefore had negatively affected our results of operation during the ...