PropertyGuru posts $7.4m loss in Q3 after higher expenses
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Singapore remains PropertyGuru's largest market, contributing $18.1 million of the group’s revenue.
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SINGAPORE – Online property portal PropertyGuru on Monday posted a net loss of $7.4 million for the quarter ended Sept 30, a reversal from last quarter’s profit-making results.
This comes as higher expenses weighed on the group’s bottom line, even though it reported a net profit of $3.8 million last quarter,
But this third quarter’s loss is still an improvement from 2021, which saw a net loss of $9.6 million. Revenue for the quarter came in at $34.6 million, 47 per cent higher than the $23.5 million a year ago.
This was supported by 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 $2.4 million to $6.1 million in the third quarter.
Singapore, however, remains its largest market, with its marketplaces contributing $18.1 million to the group’s revenue.
Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) was positive at $5.7 million for the quarter, while loss per share for the quarter stood at five cents.
The group anticipates a full-year revenue of between $134 million and $138 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 that it expects an adjusted Ebitda of between $8 million and $12 million for the financial year 2022.
“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 Mr Joe Dische, chief financial officer of PropertyGuru.
THE BUSINESS TIMES
Editor’s 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.
