LOS ANGELES, May 20 /PRNewswire-FirstCall/ -- Asia Global Holdings Corp (BULLETIN BOARD: AAGH) today announced financial results for the first quarter ended March 31, 2008. In the first three months of this year the Company had revenues of $1,524,346, up 84% compared to $828,495 in 2007. The increase is a result of increased sales from the Company's advertising and media business.
For the quarterly period ended March 31, 2008 Asia Global experienced a profit of $390,932 compared to a loss of $2,947,163 for the same period in 2007. The increase in profitability is primarily attributed to significantly lowered costs related to TV entertainment and China business expansion for the same quarter in 2007.
The recent management shift in the TV entertainment segment is already showing positive results, according to a Company spokesperson, noting that wholly-owned subsidiary Idea Asia has, since the beginning of this year, acquired the rights to present six TV programs in China including Singing Bee, Blackjack Bowling, Silent Library, You Are What You Eat, Small Talk, and 50/50. The Company intends to continue seeking TV entertainment opportunities for the China market.
About Asia Global Holdings Corporation
Asia Global Holdings Corporation (BULLETIN BOARD: AAGH) has a strong focus on building business in China and other emerging regions and markets in Asia and Worldwide. The company's present subsidiaries participate in media & advertising, marketing services and TV entertainment. The Company has offices in the US, Hong Kong and China.
Asia Global Holdings Corporation Website: http://www.asiaglobalholdings.com/
Forward-looking statements in this document are not historical fact as 'forward-looking statements' as that term is defined in the Private Securities Litigation Reform of 1995. Forward-Looking statements are not guarantees of future performance. Our Forward-Looking statements are based on trends we anticipate in our industry and our good faith estimate on the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations, to differ materially from those reflected in our forward looking statements. You may find all other information about Asia Global Holdings Corporation on the Securities Exchange Commission website, http://www.sec.gov/.
