Ayondo posts loss of 3.25m Swiss francs for Q1

CATALIST-LISTED fintech firm Ayondo's loss for the first quarter ended March 31 narrowed to 3.25 million Swiss francs (S$4.47 million) from 6.3 million Swiss francs a year ago.

The corresponding quarter a year ago was weighed down by initial public offering costs of 1.88 million Swiss francs, as well as finance costs of about 2.96 million Swiss francs.

Net operating income shrank 81 per cent year-on-year to 597,000 Swiss francs, largely due to a 69 per cent fall in trading revenue. Loss per share worked out to 0.006 Swiss franc, versus a loss per share of 0.04 Swiss franc previously.

Ayondo said: "As part of the group's restructuring plan, the group is actively pursuing potential investors' business opportunities to develop its social trading business, particularly in Asia, as well as new businesses. The group sees B2B opportunities to promote social trading to onshore and offshore market participants through leveraging the group's technology platform."

It also plans to streamline its technology platform to reduce costs.

The company went on to warn: "The group is in the process of raising funds from certain groups of investors and its ability to secure funding is critical for the group as a going concern and its future business plans."

Shares in Ayondo have been suspended from trading since Feb 1.