SINGAPORE (May 15): Moneymax Financial Services announced that its 1Q18 earnings have increased by 85.9% to $2.17 million, compared to $1.17 million in 1Q17.

Revenue was 12.1% higher at $37.3 million from $33.3 million a year ago, due to revenue growth in both the pawnbroking and the retail and trading of pre-owned items segments.

Other gains rose by 124.3% to $0.68 million from $0.30 million last year, mainly due to foreign exchange gains attributable to the strengthening of MYR in 1Q18.

Employee benefits expense increased 28.3% y-o-y to $4.1 million, due to the increased headcount arising from the expansion of operations in Singapore and Malaysia.

Finance costs increased by 19.6% y-o-y to $1.4 million, due to the higher level of bank facilities utilised for funding the group’s operational cash requirements as well as expansion of operations in Malaysia.

As at Mar 31, the group’s cash and cash equivalents stood at $3.2 million.

Looking forward, the group says that it will continue to focus on its commitment to drive new service innovations to enhance brand equity value and customer servicing, to expand the regional network of outlets and to explore bank and other initiatives to manage its funding mix.

Shares in Moneymax closed at 17 cents on Tuesday.

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Moneymax posts 1Q earnings surge 85.9% to $2.17 mil on higher revenue and other gains

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