A mini Singapore pawn boom has boosted at least one local company’s bottom line….
Second-quarter profit for Singapore pawnbroker chain ValueMax Group has surged 46 per cent to S$3.9 million (US$2.892 million) from the same period last year.
In a Singapore Exchange filing, it says revenue dropped 10 per cent to S$64.9 million for the three months ended June 30. This was attributed to lower earnings from its retail and trading of pre-owned jewellery and gold, “slightly offset” by more income from pawnbroking and moneylending.