iFast Q2 net profit up despite Chinese losses

Singapore

WEALTH management firm iFast Corp has posted a second-quarter jump in earnings on higher revenue, shrugging off the loss in its fledgling mainland Chinese business.

Net profit surged by 40.4 per cent on the previous year to S$2.94 million for the three months to June 30, according to unaudited results out on Saturday. Group revenue was up by 25.4 per cent, to S$30.9 million, with the Singapore market continuing to contribute the bulk of turnover.