PropertyGuru Q1 loss narrows to $6.3 million
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Revenue for the quarter rose 11.9 per cent to $36.5 million, on the back of a strong growth in Singapore marketplace segment.
PHOTO: PROPERTYGURU
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SINGAPORE - Online property portal PropertyGuru posted a narrower net loss of $6.3 million for the first quarter ended March, compared with a $10.2 million net loss in the same period in 2023.
The decrease comes after the New York Stock Exchange-listed real estate platform made positive earnings in the previous two sequential quarters.
Revenue for the quarter rose 11.9 per cent to $36.5 million, from $32.6 million a year ago, on the back of strong growth in the Singapore marketplace segment, based on PropertyGuru’s financials released on May 21.
Basic loss per share for the period stood at four cents, compared with six cents of loss per share in the year-ago period.
Adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) for the quarter rose to $4.5 million from $220,000 in the first quarter of 2023.
Fintech and data services revenue was 3 per cent down at $1 million in the first quarter, while marketplaces revenue increased 13 per cent on the year to $35 million as strong results in Singapore offset a slower recovery in Vietnam and Malaysia.
Singapore marketplaces revenue increased 25 per cent to $23.5 million, driven by growth in both the number of agents and the average revenue per agent.
Malaysia marketplaces revenue was $6.7 million, compared with $6.8 million in the first quarter of 2023, as property pricing remains elevated relative to consumer expectations, shifting the focus to rental listings in the near term, said PropertyGuru.
Mr Hari Krishnan, chief executive officer and managing director of PropertyGuru, noted that despite near-term challenges, the company expects a positive outlook for the Malaysian market on a reviving property-buying sentiment based on its consumer survey.
Vietnam marketplaces revenue was almost flat year over year at $3.3 million in the first quarter as a 13 per cent increase in the average revenue per listing was offset by a 13 per cent decrease in listings amid a sustained market weakness.
“In Vietnam, we are seeing a gradual improvement in the property market towards the end of the quarter, with listings on our platform hitting a 12-month high in March,” said Mr Krishnan.
The company’s chief financial officer Joe Dische highlighted “selective hiring and focused investment” for the remainder of 2024.
He added: “We plan to continue to invest in automation, leverage our existing technologies and generative AI to both provide superior customer experiences and manage our cost base as we drive continued revenue growth. Our full-year revenue outlook of $165 million to $180 million and full-year adjusted Ebitda outlook of $22 million to $26 million are unchanged.” THE BUSINESS TIMES
