PropertyGuru Records Net Loss Of S$16 Mln In 2Q

KUALA LUMPUR, Sept 4 (Bernama) -- PropertyGuru Group Ltd’s net loss widened to S$16.12 million in the second quarter ended June 30, 2024 (2Q FY2024) from S$6.47 million in the same quarter last year. (S$1=RM3.34)

The property technology company said the adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose 48 per cent to S$6.82 million from S$4.61 million previously. 

Meanwhile, revenue grew 10 per cent to S$40.68 million from S$36.88 million in the preceding year’s corresponding quarter, with growth from Vietnam as market conditions continue to improve, it said in a statement today.

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“Marketplaces revenues increased 11 per cent year-on-year (y-o-y) to S$39 million in 2Q, driven by improving conditions in Malaysia and Vietnam combined with ongoing strength in Singapore,” it said. 

Malaysia's marketplace revenue rose 12 per cent y-o-y to S$7.42 million, as it continued to benefit from iProperty and PropertyGuru Malaysia’s combined market strength.

Meanwhile, Singapore marketplace revenue jumped 16 per cent y-o-y to S$24.97 million, as the number of agents and the average revenue per agent grew in the quarter, it said. 

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Vietnam marketplace revenue improved four per cent y-o-y to S$5.26 million, as an increase in the number of listings was partially offset by a decrease in average revenue per listing.

“Fintech and data services revenue increased three per cent y-o-y to S$1.6 million,” it said.

PropertyGuru added that cash and cash equivalents were S$309 million at quarter-end.

-- BERNAMA