Alset Inc. Releases Q3 2024 10-Q Report Highlighting Financial and Operational Performance
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Alset Inc., a diversified company operating in real estate, digital transformation technology, and biohealth sectors, has released its Form 10-Q report for the third quarter of 2024. The report provides a detailed overview of the company's financial performance and operational highlights for the nine months ended September 30, 2024.
Financial Highlights
- Total Revenue: $12.17 million, reflecting a decrease from the previous year's $21.07 million, primarily due to a decline in property sales.
- Gross Profit: $3.74 million, indicating a reduction compared to the previous year's $8.06 million, driven by lower revenue and increased cost of sales.
- Operating Income (Loss): $(6.04) million, a significant decline from the previous year's income of $0.94 million, impacted by higher operating expenses and impairment charges.
- Net Income (Loss): $(6.99) million, compared to a loss of $(27.16) million in the prior year, showing improvement despite ongoing challenges.
- Net Income (Loss) Per Share - Basic and Diluted: $(0.68), compared to $(2.86) in the previous year, reflecting the impact of reduced net loss on a per-share basis.
Business Highlights
- Revenue Segments: The company operates in four business segments: real estate, digital transformation technology, biohealth, and other business activities. The real estate segment generated $10,997,704 in revenue for the nine months ended September 30, 2024, while the biohealth business contributed $1,176,260.
- Geographical Performance: Alset Inc. operates across multiple regions including the United States, Singapore, Hong Kong, Australia, South Korea, and China. The company manages a significant portion of its business through its 85.7% owned subsidiary, Alset International Limited, which is publicly traded on the Singapore Stock Exchange.
- Sales Units: The company owns 132 single-family residential properties in Texas, with an aggregate investment of $31 million. These properties are part of the company's rental business.
- Future Outlook: The company is focused on expanding its operations in real estate development and digital transformation technologies. It continues to explore opportunities in biohealth and other business activities to drive future growth.