PropertyGuru reports net loss of S$6.5 million in Q2
PROPERTYGURU on Thursday (Aug 24) reported a net loss of S$6.5 million in the second quarter ended June 2023, reversing from its net income of S$3.8 million in the same period last year.
However, the group’s revenue for the second quarter rose 11.7 per cent to S$36.9 million, from S$33 million in the year-ago period.
This came on the back of higher contributions from both its marketplaces segment as well as its fintech and data services segment.
Its Singapore marketplaces saw the highest increase in revenue, up 24.5 per cent to S$21.5 million from S$17.3 million last year.
The only segment which registered a fall in revenue was its Vietnam marketplaces, where revenue for Q2 fell 26.9 per cent to S$5.1 million, from S$6.9 million a year earlier.
Loss per share for the group stood at S$0.04. In Q2 last year, earnings per share was S$0.02.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The company said that it continues to project full year 2023 revenues to be between S$160 million and S$170 million, with adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) to be between S$11 million and S$15 million.
Adjusted Ebitda in Q2 stood at S$4.6 million, up from S$256,000 in the same period last year.
It, however, cautioned that revenues would now be at the “bottom end of the range” due to the “ongoing situation” in Vietnam.
The company anticipates that conditions in Vietnam will begin to improve later in the year.
“Despite the current macro-economic conditions in South-east Asia, we remain focused on delivering sustained, profitable growth as we leverage our market leading solutions,” said chief financial officer Joe Dische.
He added: “We will prudently manage discretionary spending and target value-additive investment opportunities.”
Copyright SPH Media. All rights reserved.
