IFS Capital has posted net losses of $2.5 million for 3Q, a five-fold increase from the net losses of $457,000 a year ago.
Total income fell 24.6% to $6.1 million, as non-interest income fell 89.1% to $257,000. Net interest income remained stable at $4.7 million while net earned premium revenue rose 13.4% to $1.1 million.
The group also recorded a 16.4% increase in allowances for loan losses and impairment of investments of $3.3 million.
IFS says that its Singapore business is expected to be impacted by the weakened local economy in the short term. However, its Thailand subsidiary is expected to remain profitable, while its Malaysia businesses sees a narrowing of losses.
The group expects to report a loss for the full year ending in December.
IFS did not declare any dividends for the current financial period.
The counter closed 5.7% lower at 33 cents.
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Total income fell 24.6% to $6.1 million, as non-interest income fell 89.1% to $257,000. Net interest income remained stable at $4.7 million while net earned premium revenue rose 13.4% to $1.1 million.
The group also recorded a 16.4% increase in allowances for loan losses and impairment of investments of $3.3 million.
IFS says that its Singapore business is expected to be impacted by the weakened local economy in the short term. However, its Thailand subsidiary is expected to remain profitable, while its Malaysia businesses sees a narrowing of losses.
The group expects to report a loss for the full year ending in December.
IFS did not declare any dividends for the current financial period.
The counter closed 5.7% lower at 33 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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