FTC 0.00% 15.5¢ fintech chain limited

Charts FTC, page-158

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    HALF-YEAR ENDED 30 SEPTEMBER 2018

    Revenue increased from RMB7.0 million for the six months ended 30 September 2017 to RMB 28.3 million for the six months ended 30 September 2018, representing 304.0% growth.

    During the financial period, FTC derived RMB14.8 million and RMB 8.3 million in income from provision of system development services and information technology services respectively. Management forecasts these sources of revenue will grow steadily in the future. Revenue for the previous corresponding period mainly relates to POS machine services income totaling RMB4.9 million.Profit after tax for the six months ended 30 September 2018 is RMB9.5 million a material positive improvement on the recorded loss after tax for the six months ended 30 September 2017 of RMB11.5 million, an increase of RMB 21.0 million or 182.4%.

    The net profit generated during the period was included:
    1. an increase in gross profit of RMB 20.0 million;
    2. a decrease in other income and net gains by RMB 0.8 million;
    3. an increase in selling expenses and general and administrative expenses by RMB1.4 million in total;
    4. an increase in unrealised gains on change of fair value of embedded derivatives of convertible bonds byRMB3.2 million;
    5. a decrease in share of losses of associates by RMB0.2 million; and
    6. an increase in finance costs by RMB0.1 million.

    The increase in gross profit resulted from successful implementation of FTC’s blockchain technology, which secured RMB21.2 million income during the period in contrast to the revenue for the previous corresponding period relating mainly to Tlinx related products and services.

    So for the previous 6 months reported they made an after tax profit of RMB $9.8 Million or about $2 Million Aud. The Company has clearly stated revenue is steadily increasing. So if all has been progressing to plan over the last 6 months then they may come in with about a $5 Million Aud after tax profit for the year ended 30th March 2019. MC is currently sitting around $113 million after todays sell down. The biggest revenue earner for the Company during the year was the blockchain sale to a Singapore Company that earned them RMB $20 Million or about $4.2 Million aud in revenue. The Tlinx is still building volume of scale even though they have around 300 banks currently signed up they are only taking 0.02% in revenue of all transactions.

    I would expect the share price to drift lower until further confirmation of increased revenue or another deal is released to market. I love the potential here and the Company is making a solid profit already.
 
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