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Maxi-Cash Q1 net profit soars 55.2% to S$2.8m

PAWNBROKER Maxi-Cash Financial Services' first-quarter net profit rose 55.2 per cent to S$2.8 million from the preceding year, helped by a decrease in operating expenses such as foreign exchange losses, the company announced on Thursday.

This came as revenue for the three months ended March 31 fell 13.5 per cent to S$46.6 million from the previous year, primarily attributed to lower sales from the retail and trading of jewellery and branded merchandise business.

While finance costs and staff costs increased largely due to higher interest rate charged on interest-bearing loans and more shops in operation, it also enjoyed a decrease in other operating expenses such as foreign exchange loss of 48 per cent to S$4.6 million.

Earnings per share expanded to 0.27 Singapore cent from 0.18 cent in the preceding year. The company has declared a dividend per share of 0.25 Singapore cent. None was declared in the year-ago quarter.

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Maxi-Cash shares finished S$0.005 or 3.9 per cent higher at S$0.135 on Thursday.