SINGAPORE (Apr 25): Sing Investments & Finance saw its earnings fall 19.7% to $5.0 million for the 1Q19 ended March, from $6.2 million a year ago.
The weaker performance was largely attributable to lower net interest income as well as higher operating expenses.
Net interest income and hiring charges fell 7.5% to $11.1 million in 1Q19, from $12.0 million a year ago.
This was mainly due to the $3.1 million increase in interest expenses driven by both higher deposit rates coupled with higher average deposit base.
Total operating expenses increased by 9.2% to $6.5 million in 1Q19, from $5.9 million a year ago.
This was mainly due to higher staff costs with the increase in staff headcount and other operating expenses incurred to support business activities and on-going building capabilities projects.
Earnings per share (EPS) fell to 12.60 cents in 1Q19, from 15.69 cents in 1Q18.
As at end March, cash and cash equivalents stood at $355.5 million.
Looking ahead, the group says it will continue to be vigilant in risk monitoring as well as prudent in its credit granting criteria as we seek new business opportunities amid the cautious and uncertain economic outlook for the rest of 2019.
Shares in Sing Investments closed flat at $1.58 on Thursday, and is up 9.0% year-to-date.
