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APAC Realty's net profit down 9.3% to S$7.69m in Q2
APAC Realty, which operates a real estate brokerage under the ERA brand, announced a net profit of S$7.69 million for the second quarter ended June 30 2018, down 9.3 per cent from S$8.49 million a year ago.
Revenue, however, went up 24.2 per cent to S$122.03 million largely attributed to the increase in brokerage income from resale and rental of properties as well as new home sales, due to a more active Singapore residential property market.
Earnings per share stood at 2.17 Singapore cents in Q2, down from 2.73 Singapore cents a year ago.
A dividend of 2 Singapore cents was declared, compared to none previously.
In its outlook for the year, the firm said that the latest round of property cooling measures will "likely affect the underlying demand" for residential properties in Singapore.
"The Singapore property market may also be affected by any adverse global economic conditions and changes in mortgage interest rates," said the firm.
To date, ERA has launched 15 projects in the first seven months of 2018, or a total of 8,625 units. Another 10 projects, or 4,383 units, are due to launch in the next five months.
Jack Chua, executive director and CEO, said: "While the latest implementation of property cooling measures on 5th July might have dampened local property demand, our strategy is to strengthen and grow our presence in the Asia-Pacific region going forward."
He added that the firm is looking to expand its range of services and enhance its technological capabilities to "remain a leader in the real estate industry" in Singapore and across the region.