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iFAST posts net loss of S$2.69m in Q2 on impairment allowance

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Nisha Ramchandani

Nisha Ramchandani

Published Sun, Jul 24, 2022 · 06:54 PM
    • Lim Chung Chun, chief executive officer of iFast Corporation; iFAST expects overall revenue to continue to grow this year, but has warned that net profit will see a substantial decline.
    • Lim Chung Chun, chief executive officer of iFast Corporation; iFAST expects overall revenue to continue to grow this year, but has warned that net profit will see a substantial decline. PHOTO: ST FILE

    FINTECH platform iFAST Corp on Saturday (Jul 23) reported a net loss of S$2.69 million for Q2 2022, reversing from a net profit of S$7.02 million a year ago. It was weighed down by a one-time impairment allowance following the restructuring of its India business.

    Total revenue was 5.8 per cent higher at S$53.91 million, and included an initial contribution of S$3.92 million from iFAST Global Bank in the United Kingdom.

    Its associate company iFAST India Holdings has decided to exit its onshore platform service business in India to focus on delivering global fintech solutions. As a result of the restructuring, iFAST Corp has provided a one-time estimated impairment allowance of S$5.2 million.

    iFastFinancial results

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