SINGAPORE (Oct 28): iFAST Corporation, the investment products distribution platform, posted a 35.3% decline in 3Q16 earnings to S$1.9 million from S$2.9 million a year ago, on the back of its loss from its China operation, which was recently launched and is still in the start-up phase. In Singapore, net profit was down 7.6% to S$2.6 million from S$2.8 million the year before, which iFAST notes is still the major contributor of the group’s revenue. This was partially due to significant increases in investment subscription amounts, including transfer-in amounts, in bonds and ETFs, says iFAST. Profit generated from Malaysia and Hong Kong for the quarter grew 15.1% to S$137,000 and fell 9.8% to S$275,000 respectively. The company’s directors have proposed dividends of 0.68 cents per ordinary share for the quarter, in line with the first two quarters of FY16.

Source: The Edge Markets October 28, 2016 03:04 UTC