This is after the company lowered its 2025 Hong Kong profit before tax target to HK$380 million from HK$500 million
[SINGAPORE] iFast shares plunged as much as 12 per cent on Monday (Apr 28) morning, after the investment platform operator revised its Hong Kong operations’ profit target and reported first-quarter earnings.
As at noon, the counter dropped 12.1 per cent or S$0.87 to S$6.32.
The Singapore-based company cut its Hong Kong profit before tax target for 2025 to HK$380 million (S$64.3 million) from its previous guidance of HK$500 million, based on its earnings report on Friday (Apr 25).
iFast reported a net profit rise of 31.2 per cent year on year to S$19 million for the first quarter ended Mar 31, which was driven by a 24.4 per cent year-on-year increase in revenue to S$106.9 million.
This was largely due to a turnaround in its UK bank and continued growth in the group’s core wealth management platform business.
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