On 1 March 2019, Byte Power Group Limited (ASX: BPG), a manufacturer and distributor of industrial and IT products from the retailing industry group, announced its half-yearly results for the period ended 31 December 2018 on ASX.
During the period, the company made a loss of A$384,494. However, the loss in the previous corresponding period was A$8,073,986. In the current period, the revenue declined by 44.2% to A$641,921. The revenue in December 2017 was $1,150,063. The loss in the current period was driven by impairment provision expense for debtors of A$133,198.
From the IT&T segment, the company reported revenue of A$635,921. This segment contributed 99.1% revenue for the entire group. The business from the Asian division remained unsuccessful in generating any revenue during the period. However, this segment during the same period in the previous year contributed 99.8% of the total Group’s revenue.
Wine Power did not contribute any revenue in the current period. However, in the same period in the last year, the segment generated a sales revenue of $1,147,983. The decrease in the sales of wine was influenced due to a focus of the resources on the development of the cryptocurrency exchange. However, the company is continuously looking for some opportunities where it can develop new channels into the existing market.
The Power management business of the company did not experience any material growth during the period as a result of the ageing of certain trade receivables as well as the provision for the impairment provided worth $133,198 in the period. However, the group is continuously working to explore opportunities for this segment.
For the remaining part of the FY2019, The group will focus towards the development of the IT&T segment based on its partnership with Wimobilize Singapore Pte Ltd in China and Australia. The Group will still look for market opportunities in various parts of the world such as Singapore, Malaysia, New Zealand and Taiwan.
After the launch of Cryptocurrency exchange in 1H FY2019, the group is looking forward for the current as well as the future opportunities in the IT&T segment.
The group will also be focusing on new business opportunities in the Wine Power segment. The Wine power segment will explore opportunities through its wine distribution majorly through its 8 Eagles ranges in Asia.
The board is hopeful that in the remaining part of the FY2019, all the segment of the Group will generate a positive result.
On 16 January 2019, Byte Power Group Limited announced that its subsidiary company Byte Power Pty Ltd (BPPL) has developed cryptocurrency exchange and was launched by y Byte Power X Pty Ltd (BPXPL) which started trading with three currency pairs BTC/USD, BTC/AUD and LTC/BTC.
However, ASX still has alarms about BPG’s operation of its cryptocurrency exchange, the disclosures as well as the legal status of the loyalty tokens. As a result, the securities of BPG is under a suspended state. This was confirmed in one of the announcements by the company on 5 February 2019.
On 5 February 2019, BPG was issued an infringement notice by ASIC where it needs to pay a penalty of $33,000.
The shares of BPG is in suspended status. The shares traded last on 22 December 2017 at A$0.009 with approximately 3.07 billion outstanding shares.
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