iFAST's 3Q earnings fall 35.3% to $1.9 mil on loss from China operation

SINGAPORE (Oct 28): iFAST Corporation, the investment products distribution platform, posted a 35.3% decline in 3Q16 earnings to $1.9 million from $2.9 million a year ago, on the back of its loss from its China operation, which was recently launched and is still in the start-up phase.

Excluding the loss from the company’s China operations, which increased 257% y-o-y to $1.06 million in the quarter, 3Q net profit was down 8.4% on higher expenses, which grew 9.6% due to the group’s “continued push towards broadening the range and depth of [its] products and services”.

In Singapore, net profit was down 7.6% to $2.6 million from $2.8 million the year before, which iFAST notes is still the major contributor of the group’s revenue.

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