SINGAPORE (Aug 7): Pawnbroker Maxi-cash saw its earnings for the 1H ended June come in flat at $5.2 million, unchanged from a year ago.
Revenue rose 22.4% to $93.4 million in 1H17, from $76.3 million a year ago.
This was mainly due to higher interest income from the pawnbroking business, and higher sales from the retail and trading of jewellery, watches, and branded bags business.
However, the higher revenue was offset by higher operating expenses, mainly to the opening of three new shops and enlargement of three existing shops in 1H17, as well as the issuance of multicurrency medium term notes.
As at end June, cash and cash equivalents stood at $10.2 million.
Maxi-cash has declared an interim dividend of 0.5 cent per share, payable on Oct 12, 2017.
Looking ahead, Maxi-cash says its pawnbroking and retail businesses continue to face operating challenges.
“To counter these challenges, the group will continue to review its store network, introduce initiatives to facilitate pawning and buying of our products, expand our training of staff to support these initiatives, actively promote our brands, and improve our operating efficiencies in order to maintain our local market leadership,” Maxi-cash says in a filing to SGX on Monday.
Shares of Maxi-cash closed flat at 17.2 cents on Monday.
