Fidrec surplus improves on slashed staff, office costs

Singapore

THE Financial Industry Disputes Resolution Centre (Fidrec) has reversed its fortunes in its tenth financial year - between last July and this June - despite a lower revenue.

The financial mediator posted a surplus before income tax of S$534,408 for the financial year ended June 30, a turnaround from the deficit before income tax of S$29,292 a year ago.