Sing Investments Q1 profit doubles to S$5.6m

SING Investments & Finance's first-quarter net profit doubled to S$5.6 million amid higher net interest income and a write-back of allowances for loan losses.

On a per-share basis, net earnings was 14.18 Singapore cents for the three months ended March 31, said the finance company.

Net interest income improved by 15.6 per cent to S$10.6 million as interest income and hiring charges grew one per cent to S$18.5 million, and interest expense shrank by 13.6 per cent to S$7.9 million.

Sing Investments wrote back S$377,000 of allowances for loans and advances as collective impairment allowances declined in tandem with a lower loan balance. Loans and advances due within a year decreased by 0.1 per cent to S$449.5 million as at March 31, while those due after 12 months decreased by 3.9 per cent to S$1.4 billion. In the year-ago period, Sing Investments made a S$2.1 million allowance for impairment losses on loans and advances.