Singapore wealth firm’s pre-tax profit falls

Bloomberg

Wealth-management group iFast Corp posted a 37.5 percent slide in profit before tax for the year as poor financial markets and investments for growth take their toll. Singapore-based iFast reported a $1.37 million profit, from S$2.99 million a year earlier, according to a company filing.
The fintech company said it expects revenue and profitability to improve in the second half, and continues to position itself to benefit from Asia’s wealth-management sector. After-tax profit dropped 42.5 percent to S$1.55 million.