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iFast to return to profitability from next quarter, keep focus on existing markets: CEO

Uma Devi

Uma Devi

Published Mon, Jul 25, 2022 · 01:09 PM
    • iFast is also in talks with potential buyers for “parts” of its India associate’s business, and hopes to “recoup something back” from the exit, although the loss will still be significant, Lim said.
    • iFast is also in talks with potential buyers for “parts” of its India associate’s business, and hopes to “recoup something back” from the exit, although the loss will still be significant, Lim said. PHOTO: BT FILE

    IFAST Corporation is bracing for a “substantial decline” in profitability for the rest of the year, but chief executive Lim Chung Chun said the group will see a “robust ramp-up” in overall profitability from 2023 to 2025. 

    For the second quarter of 2022 ended June, iFast – which was one of Singapore’s best performing stocks in 2021 – posted a net loss of S$2.7 million, reversing from a net profit of S$7 million in the corresponding year-ago quarter. Revenue, however, rose 5.8 per cent to S$53.9 million.

    iFast India Holdings, an associate company that is 41.5 per cent owned by iFast, also decided to exit its onshore platform service business in India and pivot to focus on providing global fintech solutions. As a result of this, iFast provided a one-time estimated impairment allowance of S$5.2 million in Q2.

    iFastSingapore fintechFinancial results

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