Ayondo's full-year net loss widens to 50.2m Swiss francs

Singapore

CATALIST-LISTED fintech group Ayondo's net loss widened more than five times to 50.2 million Swiss francs (S$67.2 million) for the financial year ended Dec 31, 2018, from a loss of 9.8 million francs a year earlier, it said on Thursday.

Ayondo had issued a profit warning on Apr 23, flagging a bigger loss due to the impairment of certain intangible assets arising from poor financial performance.

In Thursday's earnings statement, the company said the continued losses were due to poor business performance mainly as a result of unfavourable trading conditions arising from low volatility in financial markets and the tightening measures in contract for difference markets from European and UK regulators in 2018. Lower market…