Hersing Corporation says 3Q profit after tax tripled to $18.9 million in the three months to Sept 30 (3Q10) from $4.7 million in the previous corresponding period (3Q09).
Hersing, which provides real-estate-related, financial and self-storage services, says it achieved 21.2% higher turnover of $81.5 million in 3Q10 compared to $67.2 million recorded in 3Q09 despite the decrease in total number of transactions.
Turnover from financial services rose 8.4% to $7.8 million. Following the completion on 31 July 2010 of the self storage assets to a joint venture, turnover for the self storage segment was $1.625 million from the month of July.
Hersing says the financial services segment is expected to register modest but steady growth from the anticipated increase in the number of foreign workers in Singapore, our primary market base.
With the group’s interest in the self storage business reduced to 38%, following the closing of the sale on 31 July 2010, Hersing says turnover and share of profit in this segment will be lower in the next quarter. Any expansion of the associated company is not likely to be felt in the current financial year.