ARA's Q3 net profit down 23% to $19.6m

ARA Asset Management said net profit in the third quarter fell 23% to $19.6 million from $25.4 million a year ago.

Revenue fell 26% to $33.1 million from $45 million over the same quarter mainly due to an 89% drop in acquisition and performance fees.

In Q3 this year, ARA booked just $2 million in acquisition and performance fees compared to $17.9 million in performance and acquisition fees last year.

Earnings per share for the quarter fell to 2.56 cents from 3.3 Singapore cents a year ago.