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APAC Realty Q1 profit rises 46.8% to S$5.9m
PROPERTY broker APAC Realty on Wednesday evening posted a 46.8 per cent increase in net profit for the first quarter from S$4 million a year ago to S$5.9 million.
Earnings per share increased to 1.67 Singapore cents from 1.3 Singapore cents in the previous year despite a larger share base.
For the three months ended March 31, revenue shot up 56.7 per cent to S$105.2 million from S$67.2 million in the year ago period.
The increase in revenue was largely attributed to the increase in brokerage income from the resale and rental of properties, and new home sales amounting to a total of approximately S$37.6 million, it said.
The company - which operates a real estate brokerage in Singapore under the ERA brand - added that the revenue growth also came on the back of the recovering Singapore residential market, which had experienced a substantial increase in transaction volume for the private secondary market.
Net asset value per share crept up to 39.1 Singapore cents as at March 31, from 37.5 Singapore cents in three months ago.
Said Jack Chua, executive director and chief executive officer, APAC Realty: "We are pleased with the good set of results achieved for Q1 2018. The property market is recovering."
"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," Mr Chua added.
APAC Realty shares ended S$0.01 or one per cent up at S$1.03 on Wednesday before the announcement.