MoneyMax shares close 5.2% higher on projected ‘significant improvement’ in H1 net profit
This is attributed to the stronger financial performance of its pawnbroking segment
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[SINGAPORE] Shares of MoneyMax Financial Services were up by as much as 11 per cent shortly after market open on Wednesday (Jul 22), hitting an intraday high of S$0.86 at 9 am.
This was after it announced on Tuesday that it expects to record a “significant improvement” in net profit for its first half of the year, due to the stronger financial performance of its pawnbroking segment.
This was driven by higher interest income from the sustained growth in pledged loan receivables.
The group added that its retail and trading of gold and luxury items segment also played a part, supported by improved revenue and gross profit margins.
The counter later ended the session 5.2 per cent or S$0.04 higher at S$0.815.
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