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Maxi-Cash Q3 net profit more than doubles

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Pawnbroker Maxi-Cash on Wednesday said net profit for the third quarter more than doubled on higher interest income and firmer margins.

PAWNBROKER Maxi-Cash on Wednesday said net profit for the third quarter more than doubled on higher interest income and firmer margins.

Net profit for the three months ended Sept 30, 2014 stood at S$703,000, a surge from S$328,000 a year ago.

Besides recording higher interest income, Maxi-Cash also posted stronger gross margins from the sale and trading of jewellery, as well as from the sale of unredeemed and not-auctioned pledges.

The stronger performance came despite a 2 per cent dip in revenue to S$27.9 million.