APAC Realty CLN has reported earnings of $3.0 million for the 1QFY2023 ended March 31, 67% lower y-o-y.
Total revenue for the period fell by 29% y-o-y to $121.4 million as revenues for the group’s new home brokerage and resale and rental brokerage fell.
New home brokerage saw revenue fall by 49% y-o-y to $39.4 million while resale and rental brokerage revenue fell by 13% y-o-y to $80.3 million during the quarter.
Other revenue increased slightly to $2.0 million, 5.3% higher y-o-y.
Gross profit fell by 25% y-o-y to $13.7 million.
As at May 9, the group had over 8,700 agents representing around 25% of the market share in terms of agent count in Singapore. ERA also achieved a market share of around 35% of the residential property market (excluding leasing) in the 1QFY2023.
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In its presentation, the group highlighted several concerns for the rest of the year such as the expected slowdown in the global economy. The possible turmoil in the overseas banking sector, the high interest rate environment as well as the recent property cooling measures by the Singapore government are also concerns.
Shares in APAC Realty closed flat at 62.5 cents on May 12.
