Maxi-Cash's net profit down 18% to $1.86m in FY14

Due to lower revenue from its retail segment.

Maxi-Cash's net profit slipped 18% to $1.86m in FY14 due to lower revenue recorded by the retail and trading of pre-owned jewellery and watches business.

The group's revenue of $109.6m for FY14 was lower by $3.5m. The pawnbroking business continued to grow and had registered higher revenue in FY14. The increase was primarily attributed to the higher interest income from its growing pledge book.

In FY14, expenses increased across major cost categories mainly due to the increase in number of pawnshops and retail outlets to 39 stores during the year.

The operation of the additional stores has contributed to the increase in expense items such as rental costs, employee benefits and depreciation and amortization.