Sing Investments reports 5.3% rise in Q2 profit to $2.7 million

SINGAPORE - Sing Investments & Finance reported a 5.3 per cent cent rise in second quarter net profit to $2.7 million, mainly due to an increase in the loan base leading to higher interest income and hiring charges.

Net interest income and hiring charges increased 6.2 per cent to $7.8 million for the three months to June 30.

Interest income and hiring charges grew 7.7 per cent, from a higher loan base, while interest expense rose 10.1 per cent.

These were partly offset by impairment loss allowances of $900,000.

Annualised earnings per share rose to 6.84 cents from 6.5 cents previously while net asset value per share inched up to $1.94, compared with $1.93 as at Dec 31.

Sing Investments noted that property cooling measures and car financing restrictions meant that the business environment continues to be challenging.

It said in a statement that it will strive to grow the loan portfolio prudently and manage operational costs efficiently.