Hersing Corporation, which owns the ERA real estate marketing franchise here, said that net profit for the third quarter fell 63.5 per cent to S$1.1 million, from S$2.9 million a year ago as its real estate business segment took a hit.
Turnover for the three months ended September 30, 2008 fell 21.6 per cent to S$44.5 million, from S$56.8 million in Q3 2007. The company was hit by lower revenue in its real estate segment, which showed a decline of S$14.1 million for 3Q 2008 as compared to the corresponding period as the high level of activity seen in 2007 could not be sustained. Increases in turnover in Hersing's financial services and self storage segments of S$1.2 million and S$0.7 million respectively were not large enough to offset the decline suffered in the real estate segment, which remains as the core business of the group, Hersing said.
Earnings per share fell to 0.29 Singapore cents, from 1.03 Singapore cents in Q3 2007.
Looking ahead, although group's self storage and financial services are expected to show growth, the real estate segment activities are expected to slow down further in the coming months, Hersing said.
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