SOLOWIN HOLDINGS Reports Unaudited Financial Results for The First Six Months of Fiscal Year 2024

Core Viewpoint - SOLOWIN HOLDINGS reported a significant revenue growth of 126.4% year-over-year, achieving $2.64 million in the first six months of fiscal year 2024 despite challenging economic conditions [2][3]. Financial Performance - Revenue increased to $2.64 million for the six months ended September 30, 2023, up from $1.17 million for the same period last year [3][4]. - Income from operations rose to $1.34 million, compared to a loss of $0.25 million in the previous year [3][8]. - Net income improved to $1.25 million, reversing a net loss of $0.20 million from the same period last year [3][10]. - Basic and diluted earnings per share increased to $0.10, up from a loss per share of $0.02 [11]. Revenue Breakdown - Revenue from investment advisory fees grew by 63.3% to $1.56 million [6]. - Asset management income surged by 248.3% to $498,000, driven by increased performance fees [6]. - Referral income reached $550,000, a new revenue stream for the company [6]. Expense Management - Total expenses decreased to $1.30 million from $1.42 million in the previous year, primarily due to lower general and administrative expenses [7]. - Commission and handling expenses fell to $4,000 from $6,000 [7]. Cash Position - Cash and cash equivalents increased by 231.3% to $6.38 million as of September 30, 2023, compared to $1.93 million as of March 31, 2023 [3][12]. Recent Developments - The company completed its IPO on September 8, 2023, raising $8 million, marking a significant milestone in its global expansion [13]. - SOLOWIN announced its entry into the Private Wealth Management sector through a new subsidiary, Solomon Private Wealth Limited, aimed at high-net-worth individuals [13].