News and Announcements
iFAST Corp reports a Year-on-Year increase of 35.2% in 1H2015 net profit
- Published July 29, 2015 3:45PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
29th July 2015, iFast Corporation
Net profit rose 24.6% YoY to S$3.28 million in 2Q2015, while the Group’s net revenue grew 26.0% YoY and Assets under Administration (AUA) grew 14.7% YoY in 2Q2015
• Net profit rose 35.2% in 1H2015 to S$6.29 million
• Net revenue rose 26.0% YoY to S$11.38 million in 2Q2015 and 22.2% YoY in 1H2015 to S$21.24 million respectively
• Assets under Administration (AUA), a key indicator of the Group’s business performance, rose 14.7% YoY to S$5.71 billion but declined compared to the 31 March 2015 level of S$5.75 billion due to volatile market sentiment related to issues in China and Greece
• The Group’s operation in Malaysia turned around in 2Q2015, delivering a net profit after tax of S$0.03 million in 2Q2015 and S$0.01 million in 1H2015 respectively
• The Group’s larger operations in Singapore and Hong Kong continue to grow in terms of profit after tax in 2Q2015 and 1H2015
iFAST Corporation Ltd. (“iFAST Corp” and together with its subsidiaries, the “Group”) reported its financial results for the second quarter ended 30 June 2015, with net profit, net revenue and assets under administration (“AUA”) all showing year-on-year (“YoY”) growth.
In 2Q2015, the Group reported a YoY increase of 24.6% in its net profit to S$3.28 million, while net revenue rose 26.0% YoY to S$11.38 million. Year-to-date to 30 June 2015, the Group’s net profit rose 35.2% YoY to S$6.29 million in 1H2015, while net revenue rose 22.2% YoY to S$21.24 million in 1H2015.
AUA rose 14.7% YoY to S$5.71 billion as at 30 June 2015, but declined compared to the 31 March 2015 level of S$5.75 billion. Net sales in 2Q2015 stood at S$96 million and contributed to AUA growth, but volatile market sentiment over issues in China and Greece negatively affected the valuation of the Group’s investment products.
The Group’s revenue model continues to have a high reliance on recurring net revenue sources. Over the period from 2011 to 1H2015, recurring net revenue contributed to approximately 82% of the Group’s net revenue.
To read the full announcement, please click here.
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