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'Weak start to the year' as iFast 1QFY2022 net profit falls 34.9% y-o-y

Jovi Ho
Jovi Ho4/23/2022 09:21 AM GMT+08  • 3 min read
'Weak start to the year' as iFast 1QFY2022 net profit falls 34.9% y-o-y
"In the short term, financial market conditions can cause interruptions... and 2022 looks likely to be one of those years."
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Global stock market conditions went from being very positive in 1QFY2021 to very poor in 1QFY2022 ended March 31, resulting in a “weak start” to 2022 for iFast.

Lower net revenue and higher operating expenses caused net profit to decline 34.9% y-o-y to $5.74 million in 1QFY2022.

In 1QFY2022, net revenue declined 1.2% y-o-y to $28.15 million as an 18.7% y-o-y decline in non-recurring net revenue offset an 8.8% y-o-y increase in recurring net revenue.

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