SINGAPORE (Apr 25): Sing Investments & Finance announced a 10.7% rise in 1Q18 earnings to $6.18 million, compared to $5.59 million in 1Q17.
Interest income and hiring charges for the quarter came in 1.0% lower at $18.3 million from $18.5 million a year ago.
Interest expense was 20.6% lower at $6.27 million from $7.90 million last year.
This brings net interest income and hiring charges to nearly $12.0 million, 13.6% higher than $10.6 million in 1Q17, mainly due to the $1.6 million decline in interest expenses driven by both lower deposit rates as well as lower average deposit base.
The group’s other income more than doubled to $0.21 million, compared to $0.08 million in the previous year.
Other operating expenses widened to $1.92 million from $1.80 million last year.
As at March 31, the group’s cash and cash equivalents stood at $320.1 million.
Looking forward, Singapore's manufacturing sector is expected to slow down but it is likely to be cushioned by the growth in the services sectors, which would provide a more balanced expansion in the domestic economy.
However, with the heightened global trade tensions and market volatilities, Sing Investments says that it will continue to be vigilant in risk monitoring, prudent in credit granting criteria as well as proactive in the management of interest margin.
Shares in Sing Investments closed at $1.61 on Wednesday.
