Hersing Corp. of Singapore Reports Third-Quarter 2010 Self-Storage Operating Results

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Hersing Corp. of Singapore reported its third-quarter 2010 profit after taxes tripled to $18.9 million compared to the same quarter in 2009.

According to the company, Hersing, which operates StorHub Self Storage, achieved 21.2 percent higher turnover of $81.5 million in the third quarter ending Sept. 30 compared to $67.2 million recorded during the same period in 2009 despite the decrease in total number of transactions.

Turnover from financial services rose 8.4 percent to $7.8 million. The group’s interest in the self-storage industry was reduced to 38 percent following a July sale to CapitaLand Limited. A joint venture company was created and CapitaLand Limited paid S$39.2 million to acquire 62 percent of Hersing's self-storage business.

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