Money Max profits up 32.8% to $1.9m in Q2

Higher revenue from pawnbroking, retail, and trade of pre-owned items segments pushed overall revenue up.

Pawnbroker company MoneyMax's profits rose 32.8% YoY from $1.4m to $1.9m, according to its recent financial statement.

Profit attributable to shareholders climbed up 19.9% from $1.4m to $1.7m. Meanwhile, revenue increased by 36.9% to $41.4m, thanks to higher revenue from pawnbroking, retail, and trade of pre-owned items segments, KGI said in its Morning Buzz report.

Material costs went up 44.0% from $21m to $30m, in line with revenue increase from both the retail and trading of pre-owned items segments.

Other expenses also rose by 22.1% from $2.9m to $3.6m, because of greater advertising and promotional expenses, and an increase in rental and refurbishment costs of MoneyMax outlets.