iFast Q2 net profit falls 16.5% on higher costs, continuing investments

Singapore

MAINBOARD-LISTED fintech firm iFast Corporation on July 27 reported net profit of S$2.45 million for the second quarter ended June 30, 2019, down 16.5 per cent from S$2.94 million in the year-ago period.

iFast said the fall in net profit "was because of the continuing investments that the group has put into its platform capabilities, particularly in the IT fintech capabilities". Operating expenses, excluding China operations, rose 18 per cent due mainly to efforts such as improving the range of investment products and services, said iFast.