Half Yearly Report
Brisbane, Mar 1, 2019 AEST (ABN Newswire) - Byte Power Group Limited (ASX:BPG) reports on its performance for the half year ended 31 December 2018. Byte Power Group Ltd reported a loss for the half year ended 31 December 2018 of $384,494 (December 2017: loss of $8,073,986). The loss for the half year included an impairment provision expense for debtors of $133,198.
The Group's revenues from continuing activities for the half year ended 31 December 2018 were $641,921. This represents a decrease of 44.2% when compared to the same period last year (December 2017: $1,150,063).
For the half year ended 31 December 2018, the IT&T segment reported revenues of $635,921 compared to $0 for the same period last year. This contributed to 99.1% of the revenues for the Group (December 2017: 0%). The Asian Business Division did not record any revenues during the period. In the December 2017 period the Asian Business Division had revenues of $1,147,983 and contributed 99.8% of total revenue for the Group.
The Company maintains a positive outlook as the Group has now launched its Cryptocurrency Exchange and will continue to invest in growing this business which will enable Byte Power X Pty Ltd to establish itself as a major Cryptocurrency player in Australia and the Asia Pacific region. This investment is considered by the Board to represent an exciting opportunity for the Group to expand its IT&T business offering.
The Group continues to build its company profile and management team to support the opportunities in Asia and the outlook remains positive.
About Byte Power Group Limited
Byte Power Group Limited (ASX:BPG) is a diversified technology solutions group with a particular emphasis on securing Asian business opportunities.
Through Wimobilize, the Group has a new cutting edge technology solution, a proprietary Advance Hybrid Artificial Intelligence Big Data Technology Platform consisting of 31 Advance Analysis Engines, 4 levels of Hybrid Correlation and Al Profiling Algorithms customised for governmental, healthcare, banking, telco and tourism industries. This proprietary Big Data technology platform elevated the AI Predictive Analysis and deep insight intelligence to a new paradigm, applicable to any market segment.
This Wimobilize Big Data technology powered e-commerce ecosystem will provide the next generation innovative trading platform for distributing the Company's Australian wine, organic honey and honeycomb.
Byte Power Group Limited