SINGAPORE (Nov 9): APAC Realty, which operates real estate brokerage ERA Realty, announced a 7.2% increase in earnings to $5.5 million for the 3Q ended Sept from $5.1 million a year ago.
APAC Realty made its debut on SGX in September. The increase comes despite IPO-related expenses of $1.1 million incurred during the quarter.
3Q revenue jumped 30.3% to $105.5 million from $81.0 million a year ago.
This was mainly due to an increase in market transactions compared to the same quarter last year. Brokerage income from resale and rental of properties rose 23.2% to $72.3 million, while brokerage income from new home sales surged 54.0% to $30.8 million in 3Q17.
As at end September, cash and cash equivalents stood at $48.1 million.
Looking ahead, APAC Realty says the Singapore residential property market is likely to continue to be active as the underlying demand for residential properties remains strong and current mortgage interest rates remain attractive.
The group says that ERA has already secured more than 10 residential projects to be launched in 2018, with close to 10,000 units available for sale – double of the 4,800 units launched by ERA in the first nine months of 2017.
“Going forward, we intend to strengthen and grow our presence in Singapore and the Asia-Pacific region, expand our range of services, and enhance our technological capabilities to remain a leader in our industry and a stalwart of the ERA brand here in Singapore and across the region,” says Jack Chua, executive director and chief executive officer, APAC Realty.
Shares of APAC Realty closed at 92 cents on Thursday, up 3 cents or 3.4%.
