PropertyGuru’s Q3 earnings reverses into the red at S$7.4m
ONLINE property portal PropertyGuru on Monday (Nov 21) posted a net loss of S$7.4 million for the quarter ended Sep 30, a reversal from its profit-making performance last quarter.
This comes as higher expenses weighed on the group’s bottom line, even though it reported a net profit of S$3.8 million last quarter, the first time since becoming listed on the New York Stock Exchange in March this year.
However, this quarter’s loss is still an improvement compared to a year ago, which saw a net loss of S$9.6 million.
The group’s revenue for the quarter came in at S$34.6 million, a 47 per cent improvement from a year earlier at S$23.5 million.
This was supported by a consistent growth in all markets and segments on PropertyGuru’s business. Revenue captured from its Vietnamese market showed the most significant growth as its marketplaces revenue nearly trebled from S$2.4 million to S$6.1 million in Q3. Singapore, however, remains its largest market – with its marketplaces contributing S$18.1 million of the group’s revenue. (*see amendment note)
Adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) was positive at S$5.7 million for the quarter, while loss per share for the quarter stood at S$0.05.
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The group anticipates a full-year revenue of between S$134.0 million and S$138.0 million as a result of greater fiscal policy uncertainty stemming from rising global inflationary pressures, near-term actions by the Vietnamese government to limit access to credit, and the recent Malaysian election.
It added that the Singapore property market remains strong and expects an adjusted Ebitda of between S$8 million and S$12 million for FY2022.
“We remain encouraged by our market penetration as we enter the final quarter of 2022, although we understand that near-term market headwinds resulting from global inflationary pressures and subsequent governmental counteractions will need to be closely monitored,” said Joe Dische, chief financial officer of PropertyGuru.
Shares of PropertyGuru traded up 2.2 per cent or US$0.11 higher at US$5.15 before the results announcement.
*Amendment note: An earlier version of the article incorrectly stated revenue contributions from the Singapore and Vietnamese market. It should be revenue from the Singapore and Vietnam marketplaces.
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