SINGAPORE (July 28): iFAST Corp reported 2Q17 earnings nearly doubled to $2.21 million from a year ago, coming on the back of a 23.4% rise in revenue to $11.95 million.
For the 1H17, earnings rose 76.1% to $4.22 million from a year ago while revenue increased 21.5% to $23.12 million.
iFAST says the improvements resulted from the group’s continuing efforts at strengthening its investment platforms in the various markets. Market sentiment continued to be positive during 2Q17, boosting sales in the various investment products distributed in the Group.
As at June 30, Singapore’s Assets Under Administration (AUA) grew 15.9% to a record high of $4.73 billion from a year ago. Half-year net revenue grew 18.4% to $16.39 million and net profit after tax grew 37.4% to $5.28 million, due to improved market sentiment and increased sales.
Hong Kong’s AUA grew 27.2% to hit a record high of $1.51 billion as at June 30. 1H17 revenue increased 21.9% to $5.02 million and net profit after tax improved 731.6% to $0.66 million.
Malaysia’s AUA grew 46.6% to hit a record high of $465.75 million. Net revenue grew 52.4% YoY to $1.56 million and net profit after tax grew by 573.4% to $0.53 million in 1H17.
Loss from the China operation increased 29.1% to $2.01 million in 1H17.
For 2Q17, iFAST is proposing a dividend per share of 0.68 cents.
Shares in iFAST closed at $1.08 on Thursday.
