PropNex's Q2 net profit slips 12% on lower commission income, higher staff costs

Singapore

REAL estate agency PropNex saw its bottom line shrink in its fiscal second quarter, as it took in lower commission income while bearing higher staff costs and depreciation expenses. But the group said that the primary private property market is recovering strongly, since fresh cooling measures were introduced in July last year.

PropNex reported on Tuesday that its revenue for the three months ended June 30 fell 24 per cent to S$92.1 million, from S$121.6 million the year before.