The film investment, licensing and intellectual property company AB International Group Corp (OTCMKTS:ABQQ) is in the news this morning after having announced its financial results for the fiscal year that had ended on August 28, 2022.
Market Action
On Monday, ABQQ stock soared 16.67% to $0.0007 with more than 10.33 million shares traded, compared to volume of 14.12 million shares. The stock moved within a range of $0.0007 – 0.0008 after opening trading at $0.0007.
ABQQ Announces Financial and Operating Results for Fiscal 2022
The Chief Executive Officer of the company Chiyuan Deng spoke about the performance and noted that AB International Group had been successful in executing the movie broadcast rights related business plan that had been implemented. That helped AB International Group in boosting its sales figure for the fiscal year, he added. Deng also stated that the company was also looking to expand its business throughout the world.
The company’s revenues for the fiscal year stood at $2928000 and that reflected a year on year rise of a staggering 2446% from the revenues of $115,091 in the 2021 fiscal year. The gross losses came in at $293789 and that worked out to a reduction of as much as 79% year on year.
In the prior year period, the gross loss had stood at $1,379,237. On the other hand, the net losses for the fiscal year were also reduced to $2,173,971 and that was considerably lower than the net losses of $3,582,237 in the prior year period.
Key Quote
Chiyuan Deng, AB International Group CEO, stated, “I am pleased to announce we have executed the business plan we implemented in movie broadcast rights sales to achieve our sales increase. Our sales and marketing strategy had allowed us to expand movie broadcasting throughout the world. We are looking for our business to continue to expand throughout global since our movie contents are being broadcasted by online platform and cinemas.”
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