Moneymax reports 3Q19 net profit more than tripled

MoneyMax outlet in Singapore’s Little India neighborhood; taken October 2018.MoneyMax outlet in Singapore’s Little India neighborhood; taken October 2018.

Moneymax Financial Services reported Thursday its third quarter net profit more than tripled to S$3.07 million from S$947,000 in the year-ago period, mainly on increased revenue from retail and trading of luxury items, and pawnbroking.

Revenue for the quarter ended 30 September increased 48.8 percent on-year to S$52.86 million, the pawn-shop operator said in a filing to SGX.

Other gains jumped 72.4 percent on-year to S$350,000 on a foreign-exchange adjustment gain, the filing said.

Other expenses declined 59.8 percent to S$1.53 million from S$3.79 million in the year-ago period on changes to accounting for leases, Moneymax said.

Material costs increased 57.4 percent on-year to S$37.91 million on increased revenue from retail and trading of luxury items, the filing said.

For the nine-month period, Moneymax reported net profit increased 29.1 percent on-year to S$6.27 million, on revenue of S$138.51 million, up 29.2 percent.

Moneymax issued a cautious outlook.

“The industry continues to face challenges arising from uncertainties in the global environment, resulting in volatile gold prices and interest rates. As a result, we expect a lower consumer demand, and the following 12 months are expected to be challenging,” Moneymax said.

The pawn-shop operator said it would focus on launching new products and services to reach a wider group of customers.

For the full year, Moneymax said it expected to remain profitable.

While you’re here, we’re hoping you can help us out.

Shenton Wire has been providing you with quick news and market analysis. But we need your support to continue to bring you the news you’ve come to expect and to expand our reach beyond Singapore.

Your monthly contribution will directly fund our journalism.

S$2     S$4       S$8

S$18       S$28       S$88


We also accept PayPal contributions



Check your existing account here and sign in to Shenton Wire here.

Contact us about other contribution levels or for corporate subscriptions and article syndication.