SINGAPORE (Aug 8): MoneyMax Financial Services reported a 19.9% rise in 2Q17 earnings to $1.7 million from $1.4 million a year ago.
Revenue increased by 36.9% to $41.1 million, lifted by an increase in revenue from both the pawnbroking and the retail and trading of pre-owned items segments.
Material costs increased 44% to $30.3 million in 2Q17 from a year ago in line with the increase in revenue from both the retail and trading of pre-owned items segments.
Other expenses increased by 22.1% to $3.6 million in 2Q17 mainly due to an increase in advertising and promotional expenses, and an increase in rental and other related costs for relocation and refurbishment of existing outlets.
The pawnbroker with a financial leasing business in China, says as the outlook of the industry continues to remain challenging it plans to step up its brand building efforts to ensure continuous and sustainable growth for its operations in Singapore and Malaysia.
Shares in MoneyMax closed at 17 cents on Tuesday.
