Hersing Corp. of Singapore, which operates StorHub Self Storage, a Western Union money-remittance business and ERA Real Estate, reported that its third-quarter 2009 net profit more than quadrupled over the same period last year. Earnings for the quarter ended Sept. 30 were S$4.4 million, up from S$1.07 million.
Hersing attributes the jump to a 49 percent turnover growth of S$66.4 million. The company said the primary driver of revenue was increased real estate activity and the marketing of new developments.
StorHub is Singapore’s first self-storage facility. Hersing said the business has proven to be recession-resilient.
Hersing holds the master franchise rights for the ERA Real Estate brand in the Asia-Pacific region as well as Coldwell Banker Real Estate's residential and commercial franchises. Hersing is also Western Union’s agent partner for Singapore.
Source: Channel News Asia, Hersing Q3 profit more than quadrupled to S$4.4m on higher turnover