SINGAPORE - Internet-based investment platform iFAST's fourth quarter net profit plunged 67 per cent over the same period last year, due in part to listing costs and expenditures to support the company's growth.
Net profit for the three months to Dec 31 2014 was $949,000, compared with $2.9 million in the three months to Dec 31 2013.
Revenue for the quarter was $19.8 million, up 17.7 per cent over the same period the previous year. This was attributed mainly to the company's Singapore operations, as well as significant growth in its Hong Kong and Malaysia businesses.
The company, which made its debut on the Singapore Exchange in December last year, said commissions and fees paid to third party financial advisers increased by 19.4 per cent in the quarter, in line with higher revenue from the business-to-business segment of its operations.
Earnings per share for the quarter was 0.43 cents, down from 1.42 cents in the same quarter of the previous financial year. Net asset value per share was 26.11 cents as at Dec 31.