MoneyMax Financial Services Ltd. said its normalized net income for the first quarter amounted to S$621,130, a gain from S$301,880 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to 2.8% from 1.6% in the year-earlier period.
Total revenue rose 17.3% on an annual basis to S$22.5 million from S$19.2 million, and total operating expenses grew 14.4% from the prior-year period to S$20.8 million from S$18.2 million.
Reported net income rose 65.1% from the prior-year period to S$723,000, or 0 cents per share, from S$438,000, or 0 cents per share.
As of May 12, US$1 was equivalent to S$1.34.