Property, jewellery and pawnbroking businesses boost profit at Aspial Corporation

Aspial Corporation has reported an 121 per cent rise in second quarter net profit to $29.5 million.

Revenue for the three months to June 30 was up 44 per cent to $160.6 million.

For the first six months, the group achieved a record revenue of $255 million, an increase of 27.4 per cent.

This was mainly due to revenue contribution from the property business. The jewellery and financial service business had also recorded higher revenue.

Revenue contribution from the property business increased by 59.2 per cent to $118.4 million, mainly due to progress recognition of sales from East Village, Cardiff Residence and 8 Bassein.

The recently-launched Urban Vista made its maiden revenue contribution during the second quarter.

Revenue from the jewellery business rose by 6.2 per cent to $85.5 million in the first half year.

Quarterly earnings per share improved to 1.81 cents from 1.1 cents previously while net asset value per share rose to 16.03 cents compared to 13.21 cents as at Dec 31.

As the leader and innovator in the pawnbroking industry, Aspial will continue to capitalize on its strong Maxi-Cash brand name with the largest network of pawnshops in Singapore.

Despite the substantial decline in gold price by about 30 per cent from the highest daily average price of US$1,694 per ounce in January to the lowest daily average price of US$1,192 in June, the group managed to remain profitable due mainly to its ability to increase its market share by continuously increasing the size of its pledge book and improving retail sales of pre-owned jewellery and watches.

An interim dividend of 1.5 cents a share was declared, up from 0.75 cent last year.