New home sales usually result in higher margins for the company.
The profit after tax and non-controlling interest of APAC Realy Limited fell 19% YoY to $4.1m in H1 2024 due to lower revenue from new home sales.
The company underscored that its new home sales typically generate higher margins.
The segment's low revenue reduced the company's gross profit contribution for the period, resulting in a net profit drop despite a 2.1% YoY increase in revenue.
Revenue for the period was $1.2m.
With lower net profit, the company's earnings per share (EPS) also fell 18.4% YoY to $0.0115.