iFAST's Q2 earnings rise 25% to S$3.28m

INTERNET-BASED investment platform iFAST's net profit rose 24.6 per cent to S$3.28 million for the second quarter.

The group, which runs the Fundsupermart.com unit trust distribution website, saw revenue grow 21.9 per cent to S$23.2 million.

iFAST said its Singapore subsidiary received regulatory approval to distribute bonds and exchange-traded funds (ETFs) in Singapore during the quarter.

It also entered into an agreement to acquire a stockbroking firm, Winfield Securities Limited, in Hong Kong, which is pending regulatory approval. The purchase consideration of HK$14.7 million (S$2.6 million) will be financed through its initial public offering proceeds.

The firm is preparing its move into China, and has applied for the third party funds distribution licence required for operating an investment platform there.

iFAST's directors have proposed an interim cash dividend of 0.68 cent for each share.