PropertyGuru swings to net loss of $6.5 million in Q2
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PropertyGuru's Singapore marketplaces saw the highest increase in revenue, up 24.5 per cent to $21.5 million.
PHOTO: BT FILE
Yong Hui Ting
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SINGAPORE – PropertyGuru on Thursday reported a net loss of $6.5 million for the second quarter ended June 2023, reversing from its net income of $3.8 million for the same period in 2022.
But the group’s revenue for the second quarter rose 11.7 per cent to $36.9 million from $33 million in the year-ago period.
This came on the back of higher contributions from both its marketplaces segment and its fintech and data services segment.
Its Singapore marketplaces saw the highest increase in revenue, up 24.5 per cent to $21.5 million from $17.3 million in 2022.
The only segment that registered a fall in revenue was its Vietnam marketplaces, where revenue for the second quarter fell 26.9 per cent to $5.1 million from $6.9 million a year earlier.
Loss per share for the group stood at four cents, a reversal from earnings per share of two cents in the year-ago period.
The company said it continues to project full-year 2023 revenues to be between $160 million and $170 million, with adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) to be between $11 million and $15 million.
Adjusted Ebitda for the second quarter stood at $4.6 million, up from $256,000 for the same period in 2022.
The firm cautioned, however, that revenues would now be at the “bottom end of the range” due to the “ongoing situation” in Vietnam. It anticipates that conditions in Vietnam will begin to improve later in 2023.
“Despite the current macroeconomic conditions in South-east Asia, we remain focused on delivering sustained, profitable growth as we leverage our market-leading solutions,” said PropertyGuru chief financial officer Joe Dische.
He added: “We will prudently manage discretionary spending and target value-additive investment opportunities.”
Shares of New York-listed PropertyGuru closed down 1.7 per cent to US$4.05 on Thursday after its earnings announcement. THE BUSINESS TIMES
