PropNex's Q2 net profit nearly doubles to S$7.3m

Singapore

REAL estate agency PropNex posted a net profit of S$7.26 million for the second quarter ended June 30, almost doubling from the S$3.7 million record in the same period a year earlier, on higher revenue and an increase in contribution from project marketing services.

Revenue climbed 15 per cent to S$105.93 million, mainly due to the increase in commission income from project marketing services driven by higher number of transactions completed in Q2 following the recovery of the private residential market from the property cooling measures of July 2018, said the group in a bourse filing.