iFast soars 8.2% to all-time high on robust Q3 earnings
Counter hits S$9.99 in early trading before shedding some gains to trade over 6% up in late morning
[SINGAPORE] Shares of digital wealth management platform iFast soared nearly 8.2 per cent on Monday (Oct 27) morning, the first trading day after it posted a 54.7 per cent rise in net profit.
Its net profit jumped to S$26 million for its third quarter ended Sep 30, from S$16.8 million in the previous corresponding period.
The counter surged S$0.76 to a new record of S$9.99 at 9.02 am, before giving up some of its early gains to trade at S$9.80 in the late morning.
Last Friday, the company posted earnings per share of S$0.0856 for the quarter on profit of S$26 million, up from S$0.0564 the previous year.
Revenue was up 37 per cent year on year at S$135.8 million, from S$99.1 million.
The company attributed its increased profitability to growth in its Hong Kong ePension business, continued improvement in its core wealth management platform business, and the turnaround of iFast Global Bank.
The iFast Global Bank segment recorded net profit of S$310,000 in Q3, reversing from a loss of S$820,000 in the previous corresponding period.
