Fading policy impact boosts Sinyi Realty’s Q3 income

By Crystal Hsu  /  Staff reporter

Thu, Nov 21, 2013 - Page 14

Sinyi Realty Inc (信義房屋), the nation’s only listed broker, posted NT$590 million (US$19.95 million) in net income last quarter, more than double, compared with the same period last year, as the housing market gradually recovered from unfavorable policy measures, the company said yesterday.

Revenue totaled NT$3.04 billion during the July-to-September period, up 53 percent from the level a year ago, the company said.

Cumulative net income totaled NT$1.91 billion in the first nine months of the year, or earnings per share of NT$3.81, which represented a 105 percent increase from the same period last year, as the impact of the special sales levy, selective credit control and real price-registration requirements faded away, the real-estate broker said.

Sinyi Realty said it expected the number of housing transactions to reach more than 360,000 units this year. In the first nine months, the number rose 14 percent year-on-year to 276,000 units, it said.

The real-estate broker said it would press ahead with plans to increase its number of offices at home and abroad from its current 416 outlets in Taiwan, 75 in China and two in Japan.

The group also owns H&B Realty Co (住商不動產), the nation’s largest broker by number of franchises, with 471 offices in Taiwan and 374 in China.

Shares in Sinyi closed down 1.09 percent to NT$54.4 yesterday, weaker than the TAIEX’s 0.67 percent fall, Taiwan Stock Exchange data showed.