IFast triples Q4 net profit to S$2.9m, after accounting for absence of IPO expenses

File photo of Fundsupermart.com website.
File photo of Fundsupermart.com website. PHOTO: BUSINESS TIMES FILE

SINGAPORE - Internet-based investment platform iFast's fourth quarter net profit soared 201.7 per cent to S$2.9 million, after taking into account the absence of initial public offering (IPO) expenses of S$1.95 million in the same period a year ago.

If that was excluded, net profit for the three months to Dec 31 would have fallen 1.2 per cent.

Revenue for the quarter was up 4.9 per cent to S$20.7 million, compared with the same period a year ago.

The firm - which owns the Fundsupermart.com and iFAST platforms - said its Singapore operation had stable growth, and "continues to be the major contributor of the group's revenue".

In Singapore, profit after tax grew 7.9 per cent to S$2.75 million, partially contributed by increases in investment income and finance income in the period.

Earnings per share for the quarter was 1.1 cents, up from 0.43 cents a year ago. Net asset value per share was 29.34, up from 26.11 cents as at Dec 31.

For the full year, net profit increased by 41.3 per cent to S$12.1 million.

rachaelb@sph.com.sg