MoneyMax takes revenue, profit hits to expand customer base

New outlets being built for future growth.

MoneyMax Financial Services Ltd. (MoneyMax) announced that the company and its subsidiaries recorded net profit after tax (NPAT) of S$1.8 million on revenue of S$27.3 million for the six-month period ended 30 June 2013 (1H2013).

Net profit declined 35% from the same six-month period last year (1H2012), while revenue slid 11.7% from 1H12 figures.

The company said the lower revenue reflected the deliberate decision by the Group to increase inventory holdings of pre-owned jewellery and watches for its retail outlets as it opened new outlets and carried out refurbishments of its existing outlets.

Commenting on the results, Executive Chairman and Chief Executive Officer, Mr. Peter Lim, said: "MoneyMax is pursuing a corporate strategy that combines refreshing and expanding its outlets, offering a wider range of pre-owned jewellery and watches and intensifying marketing activities, in line with what we outlined in our IPO offer document."

"The 1H-2013 results reflect these strategies to improve financial performance and enhance shareholder value as we seek to widen our customer and investor base and position MoneyMax for future growth," he said.

MoneyMax opened two new outlets at Serangoon Road in August 2013, bringing its current total to 29. It expects to open more outlets in the coming months.

This is the first set of results for the company since its listing on 2 August 2013 on SGX Catalist.