Fintec Global's 2Q profit surges on fair value gain in securities
KUALA LUMPUR (Nov 30): Fintec Global Bhd’s second-quarter profit surged from a year earlier and in quarterly terms due to a mark-to-market or fair value (FV) gain in long-term marketable securities owned by the group.
In a Bursa Malaysia filing last Thursday, Fintec said its net profit surged 904.88% to RM720.5 million for the second quarter ended Sept 30, 2020 (2QFY21) from RM71.7 million a year earlier.
"[Quarter-on-quarter,] profit before taxation incurred by the group for the second quarter ended Sept 30, 2020 was RM720.5 million, an increase of RM569.5 million or 3.8 times as compared to a profit before tax of RM151 million for the preceding quarter.
"The increase in profit before tax was mainly due to the increase in FV gain in the group's marketable securities,” Fintec said.