Maxi-Cash chalks up higher profit for Q2

Maxi-Cash's net profit for the second quarter ended June 30 rose to S$2.3 million, up from S$721,000 a year ago.

Revenue was 30 per cent higher at S$38.98 million due to higher revenue recorded by both the pawnbroking business and the retail and trading of pre-owned jewellery and watches business.

Earnings per share came to 0.41 cent, up from 0.13 cent previously.

Net profit for the six month period increased from S$1.71 million to S$5.17 million while revenue was up 30 per cent to S$76.31 million.

An interim dividend of $0.005 per share has been declared, payable Aug 31.

"The group expects its operating environment to remain challenging with keen competition, volatile gold prices and weak retail sentiment," it said. "To meet these challenges, the group will have to continue to leverage on (sic) its well located stores, efficient operating system, creative sales and marketing programmes, motivated staff and also seek out new business opportunities."