Yuuzoo's Q3 profit up 24%

YUUZOO Corp reported a 24 per cent increase in third-quarter net profit to S$7.86 million from S$6.3 million a year ago.

Revenue came in 13 per cent higher at S$15.6 million, from S$14 million, of which S$15.1 million was non-cash revenue generated.

The company attributed the increase in revenue largely to "improved franchise and celebrity branded network sales" which resulted from its decision to discontinue its payment services to certain client segments with a high-risk profile.

Earnings per share for the quarter stood at 1.02 Singapore cents versus 0.93 Singapore cent a year ago.

No dividend was recommended for the period.

For the nine-month period, Yuuzoo earned S$23.7 million - an increase of almost two-and-a-half times from S$9.9 million - on the back of a 29 per cent dip in revenue to S$52.5 million, of which S$46 million was non-cash revenue.

Yuuzoo shares rose 0.2 Singapore cent or 3.5 per cent to six Singapore cents as at nearly 2pm on Monday.