Apac Realty posts 8.5% fall in 9M earnings to S$23.9 million

REAL estate services provider Apac Realty on Wednesday (Nov 9) reported earnings of S$23.9 million for the first nine months ended Sep 30, down 8.5 per cent from S$26.1 million in the year-ago period.

Total revenue for the first three quarters of the year fell 3 per cent year on year to S$527.5 million from S$543.8 million, said the company, which holds the ERA regional master franchise rights, in a business update.

The decline was largely due to a 4.8 per cent year-on-year drop in resale and rental brokerage revenue to S$310.2 million from S$325.7 million.

New home brokerage revenue slipped 0.6 per cent to S$210.1 million from S$211.3 million in the year-ago period.

Its market share of all residential transactions, excluding rentals, under the ERA brand stood at 40.1 per cent as at end-September, not much different from the 40.2 per cent in the corresponding period last year.

Shares of Apac Realty closed flat at S$0.565 on Wednesday, before the update.