Latest news with #JamesLim
Yahoo
4 days ago
- Business
- Yahoo
Multi Ways Holdings Reports Financial Results for Fiscal Year 2024
SINGAPORE, May 27, 2025 (GLOBE NEWSWIRE) -- Multi Ways Holdings Limited ('Multi Ways', the 'Company' or the 'Issuer') (NYSE American: MWG), a leading supplier of a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region, today announced fiscal year 2024 financial results. "We are pleased to report on the strategic advancements Multi Ways Holdings Limited has achieved over the past year," said Mr. James Lim, Chairman and Chief Executive Officer of Multi Ways Holdings Limited. "Our ongoing fleet renewal and expansion initiatives are designed to meet the evolving requirements of our clients, ensuring they have access to the most advanced and dependable machinery available. With over two decades of industry experience, we have established ourselves as a reliable and trusted provider of heavy construction equipment." "Despite the challenges in the market that have impacted our revenue and profitability this year, we remain focused on our long-term strategic objectives. Our commitment to operational efficiency, cost management, and fleet optimization continues to be a priority as we navigate the current business environment." "Looking ahead, we are committed to maintaining our role as a comprehensive provider for heavy construction equipment needs. We continue to explore opportunities for growth and diversification while strengthening our core business. We remain focused on delivering exceptional value to our shareholders, customers, and the broader community, positioning Multi Ways for future success in the competitive landscape," concluded Mr. Lim. Fiscal Year 2024 Financial HighlightsOur total revenue decreased by approximately $4.9 million or approximately 13.7% to approximately $31.1 million for the year ended December 31, 2024 from approximately $36.0 million for the year ended December 31, 2023. The decrease was mainly attributable to reduced demand in our equipment sales business. Our cost of revenues decreased by approximately $6.0 million or approximately 22.0% to approximately $21.4 million for the financial year ended December 31, 2024 from approximately $27.4 million for the financial year ended December 31, 2023. This decrease was primarily aligned with the reduction in equipment sales volume. Our total gross profit amounted to $9.7 million and $8.7 million for fiscal years ended December 31, 2024 and 2023, respectively. Our overall gross profit margins improved to approximately 31.3% for fiscal year ended December 31, 2024 from approximately 24.0% for fiscal year ended December 31, 2023. The improvement in gross profit margin was primarily due to our strategic focus on higher-margin business segments and improved cost management. Selling and distribution expenses mainly included promotion and marketing expenses and transportation expenses for inbound and outbound shipments. Our selling and distribution expenses were approximately $1.7 million and approximately $1.0 million for the fiscal years ended December 31, 2024 and 2023, respectively, representing approximately 5.5% and approximately 2.6% of our total revenue for the corresponding years. Administrative expenses were approximately $8.7 million and approximately $10.8 million for the years ended December 31, 2024 and 2023, respectively, representing approximately 28.1% and approximately 29.9% of our total revenue for the corresponding financial years. The Company recorded share-based compensation expenses of approximately $1.2 million for the fiscal year ended December 31, 2024, with no comparable expenses in the prior year. Net loss amounted to $2.9 million for the fiscal year ended December 31, 2024, compared to net income of approximately $1.8 million for the fiscal year ended December 31, 2023. The decrease was primarily due to lower revenue, increased selling and distribution expenses, and share-based compensation expenses, partially offset by reduced administrative expenses and cost of sales. Cash Flows SummaryCash and cash equivalents were approximately $3.3 million as of December 31, 2024, compared to approximately $7.1 million as of December 31, 2023. Cash used in operating activities for the fiscal year ended December 31, 2024 was impacted by the net loss of $2.9 million, compared to cash provided by operating activities of approximately $0.06 million for the fiscal year ended December 31, 2023. Cash used in investing activities for the fiscal year ended December 31, 2024 was primarily related to capital expenditures and investments, compared to cash generated from investing activities of approximately $6.8 million for the fiscal year ended December 31, 2023, which had included proceeds from disposal of property and equipment of approximately $10.9 million. Cash provided by financing activities for the fiscal year ended December 31, 2024 included proceeds from bank borrowings, partially offset by repayments of lease liabilities and existing loans. Balance Sheet SummaryTotal assets were approximately $69.6 million, and total liabilities were approximately $49.5 million at December 31, 2024, compared to total assets of approximately $58.0 million and total liabilities of approximately $36.2 million at December 31, 2023. Working capital was approximately $20.2 million at December 31, 2024, versus approximately $20.9 million at December 31, 2023. Shareholders' equity was approximately $20.1 million at December 31, 2024, as compared to approximately $21.8 million at December 31, 2023. About Multi Ways Holdings LimitedMulti Ways Holdings supplies a wide range of heavy construction equipment for sales and rental in Singapore and the surrounding region. With more than two decades of experience in the sales and rental of heavy construction equipment business, the Company is widely established as a reliable supplier of new and used heavy construction equipment to customers from Singapore, Australia, UAE, Maldives, Indonesia, and the Philippines. With our wide variety of heavy construction equipment in our inventory and complementary equipment refurbishment and cleaning services, Multi Ways is well-positioned to serve customers as a one-stop shop. For more information, visit Safe Harbor StatementThis press release contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as 'may,' 'should,' 'expects,' 'anticipates,' 'contemplates,' 'estimates,' 'believes,' 'plans,' 'projected,' 'predicts,' 'potential,' or 'hopes' or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; and the competitive environment of our business. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this press release and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties, and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this press release and other statements made from time to time by us or our representatives might not occur. Investor Relations Contact:Matthew Abenante, IRCPresidentStrategic Investor Relations, LLCTel: 347-947-2093Email: matthew@ in to access your portfolio
Yahoo
25-03-2025
- Business
- Yahoo
Xcell Biosciences and Royal Perth Hospital to Develop Next Gen Automated TIL Manufacturing Workflow
MELBOURNE, Australia & PERTH, Australia, March 25, 2025--(BUSINESS WIRE)--Xcell Biosciences Australia PTY LTD (Xcellbio), an affiliate of Xcell Biosciences, Inc., a platform company focused on cell and gene therapy applications, and Royal Perth Hospital announced a collaboration aimed at developing an automated, clinical-scale manufacturing workflow for therapies based on tumor-infiltrating lymphocytes (TILs) using the AVATAR™ Foundry system. Ultimately, the goal is to empower Royal Perth Hospital physicians and clinical researchers to rapidly manufacture potent TIL therapies for use in clinical trials. TIL therapies are a promising type of cellular immunotherapy used to treat a broad range of solid malignant tumors, with the first FDA approval of a TIL-based therapy taking place in 2024. These therapies have proven to achieve durable complete responses in patients but require tens of billions of therapeutic cells to achieve sufficient clinical potency. Current manufacturing processes for TIL therapies are cumbersome and slow, requiring many weeks of manual and labor-intensive efforts to achieve an effective dose. To address these challenges, Xcellbio has developed the AVATAR platform to expedite the development and manufacture of potent cell therapies. The platform uses a proprietary incubation technology to enhance the metabolic fitness of TILs, resulting in a potent and persistent therapeutic product that can overcome the immunosuppressive tumor microenvironment. The AVATAR Foundry system was designed to produce cell therapies under current Good Manufacturing Practice (cGMP) protocols in a fully automated capacity. "At Royal Perth Hospital, we are dedicated to exploring cutting-edge approaches for cell therapies to enable the best care for our patients," said Dr. Zlatibor Velickovic, Director of the Ray and Bill Dobney Cell and Tissue Therapies WA facility at Royal Perth Hospital. "We are excited to team up with scientists at Xcellbio to develop a much-needed automated workflow for TIL manufacturing, and to implement the AVATAR Foundry system as the newest technology innovation in our center." Through this agreement, Xcellbio scientists will work with the Royal Perth Hospital team to develop an automated TIL manufacturing process based on AVATAR platform that achieves key goals for cell quality, quantity, and potency. The resulting workflow will be established in the hospital's cell therapy facility to support clinical trials using TILs. "The emerging therapeutic class of tumor-infiltrating lymphocytes is incredibly exciting, in particular for solid tumors. Current manufacturing processes require long expansion times and high cell doses to be effective in patients. The AVATAR platform will reduce manufacturing time and increase therapeutic potency," said James Lim, co-founder and CSO at Xcellbio. "TILs provide a great use case for our technologies and this collaboration with the fantastic team at Royal Perth Hospital is an opportunity to expand the availability of these life-saving therapies to patients," said Brian Feth, co-founder and CEO at Xcellbio. "We are pleased to join forces with this group to improve TIL manufacturing and to make these important therapies a more feasible option for patients in Australia and, ultimately, around the world." About Xcell Biosciences Xcellbio is driven by its mission to enhance the performance and safety of cell and gene-based therapies through the design and development of revolutionary technology platforms. The company's commercial instruments and software allow researchers to discover novel insights into immune and tumor biology and enable the translation of these insights at patient scale through the development of its pioneering cGMP cell therapy manufacturing platform. Based in Melbourne and San Francisco, Xcellbio can also be found online at View source version on Contacts Media Contact For XcellbioSuzanne Howardsuzanne@
Globe and Mail
14-03-2025
- Business
- Globe and Mail
UEA8 Launches UEA8MEGA as New Casino Platform with Refined Slot Gaming
Kuala Lumpur, Malaysia--(Newsfile Corp. - March 14, 2025) - UEA8, a well-established name in the online casino industry across Southeast Asia, has officially launched a new version of its online casino website, UEA8 MEGA. The announcement marks a significant step in the company's ongoing efforts to expand its digital presence and enhance the gaming experience for its growing community of players. To view an enhanced version of this graphic, please visit: The new version of the platform, UEA8MEGA with 8000 slot games, was introduced last month on Saturday, February 1, 2025, following years of development to refine the online slot gaming experience. This launch builds on UEA8's existing reputation as a trusted provider of online casino entertainment in markets including Malaysia, Singapore, and Thailand since its inception in 2018. UEA8MEGA is designed to complement the original UEA8 site, offering a fresh interface while maintaining the core features that users have come to expect. The new website reflects the casino's commitment to adapting to the evolving needs of its players, providing an additional option for players to access its services. We are excited to introduce UEA8 MEGA as a new chapter for our platform," said James Lim, a spokesperson for UEA8. "This launch is part of our ongoing journey to refine and expand our slot gaming, ensuring we continue to meet the preferences of our players across the region." The introduction of UEA8 MEGA does not replace the existing platform, which will remain fully operational. Both websites will coexist, giving users the flexibility to choose the platform that best suits their needs. For more information, users are invited to visit UEA8MEGA or contact the UEA8 support team via the official website. UEA8 has been notable in the Southeast Asian online casino market, known for its collaborations with leading gaming providers and its focus on delivering a secure and engaging experience. The launch of UEA8 MEGA underscores the casino's dedication to innovation and its response to the growing demand for diverse online gaming options. About UEA8 Established in 2018, UEA8 has grown to become a recognized online casino platform in Southeast Asia, serving players in Malaysia, Singapore, Thailand, and beyond. The company continues to evolve its services to meet the needs of its expanding user base. To view the source version of this press release, please visit
