MoneyMax Financial Services Ltd - a Singapore-based pawnbroker, retailer and trader of pre-owned jewellery and watches- announced that its revenue for the first half of this year (1H 2014) stood at S$34.4 million (US$27.5 million), a 25.9 percent increase from the same period a year ago.
The retailer attributed the growth to increased trading of pre-owned jewellery and watches accumulated from last year and deemed unsuitable for retail sales, as well as improved retail sales in the first quarter of 2014 when gold prices recovered modestly.
Spurred by the revenue growth and in line with the aim of solidifying its market leadership, MoneyMax added 3 outlets in the second quarter of this year, bringing its current total outlet count in Singapore to 37.
The company also invested RM15.6 million (US$4.9 million) to take a 51 percent stake in a Malaysian network of eight pawnshops to kickstart its regional expansion. "In view of intense competition and escalating costs in Singapore, we intend to leverage on our proven processes and strong brand through strategic partnerships or acquisitions in select overseas markets," said MoneyMax's executive chairman and CEO Peter Lim. " This will allow us to reap greater economies of scale and enhance shareholder value."
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