They had cut 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 has dropped 12.1 per cent or S$0.87 to S$6.32.
The Singapore-based company had cut its Hong Kong profit before tax target for 2025 to HK$380 million from its previous guidance of HK$500 million, according to its earnings report on Friday (Apr 25).
The company reported a net profit rise of 31.2 per cent year on year to S$19 million for the first quarter ended on Mar 31, which was driven by a 24.4 per cent year on year increase in gross 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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