LAS VEGAS, Aug. 13, 2019 /PRNewswire/ -- Asia Broadband Inc. (AABB), through its wholly owned subsidiary Asia Metals Inc., today confirmed management's confidence that the company is on track to achieve its previously announced 2019 $5 million annual gross profit target. The company recently posted its financial results through the second quarter of 2019 ending June 30. AABB reported $2.75 million in gross profit for the first six months of 2019, reflecting a 61% increase over the first half of 2018 and a 2000% increase over the first half of 2017. In addition to the dramatic increase in gross profit, the Company reported $7.6 million in cash on the balance sheet in the second quarter of 2019 and will receive a $9 Million Joint Venture funding payment in the second half of 2019. Asia Metal's strategic growth focus has allowed the Company to capitalize on a unique ability to connect mineral resources in Mexico with a high resource demand and abundant investment capital in Asia.
Asia Broadband Inc. (AABB), through its wholly owned subsidiary Asia Metals Inc., is a resource company focused on the production, supply and sale of precious and base metals, primarily to Asian markets. The Company utilizes its specific geographic expertise, experience and extensive industry contacts to facilitate its innovative distribution process from the production and supply of precious and base metals in Guerrero, Mexico, to our client sales networks in Asia. This vertical integration approach to sales transactions is the unique strength of Asia Broadband and differentiates the Company to its shareholders.
Forward-Looking Statements are contained in this press release within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the Asia Broadband Inc.'s (the "Company") expected current beliefs about the Company's business, which are subject to uncertainty and change. The operations and results of the Company could materially differ from what is expressed or implied by the statements made above when industry, regulatory, market and competitive circumstances change. Further information about these risks can be found in the annual and quarterly disclosures the Company has published on the OTC Markets website. The Company is under no obligation to update or alter its forward-looking statements as future circumstances, events and information may change.