iFast eyeing ‘accelerated growth’ from 2023, says CEO, after results stumble
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Uma Devi
IFAST Corp is having to settle for a fairly dismal 2022, after its run as one of Singapore’s top performing stocks from mid-2020 to 2021. The company will see its revenue flat for the current fiscal year on a year-on-year basis, while net profit will see a “substantial decline”.
In a call to discuss the company’s latest earnings for Q3 ended September on Thursday (Oct 27), the company attributed the slower year to a number of factors, including an impairment charge for the restructuring of its India business, initial operating losses for the iFast global bank (formerly known as BFC Bank) and a rise in overall operating expenses.
On Wednesday, iFast reported a net profit of S$2.1 million for Q3, down from earnings of S$7.6 million in the corresponding year-ago period. Net revenue, which does not account for commission and fee expenses, was down by a marginal 1.3 per cent to S$30.1 million.
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