APAC Realty posts 71% drop in 1Q earnings to $1.7 mil on lower transaction volume

By PC Lee / The Edge Singapore | May 14, 2019 11:30 AM SGT
SINGAPORE (May 13): APAC Realty reported a 70.6% drop in 1Q19 earnings to $1.7 million from 1Q18 earnings of $5.9 million a year ago.
The operator of ERA real estate brokerage says this was due to a drop in brokerage income contribution as a result of lower transaction volume following the implementation of the cooling measures as well as higher expenses.
Market data released by URA, the national urban planning authority of Singapore, confirmed weakness in the housing market as a result of the cooling measures implemented in 3Q18.