PropertyGuru Q1 loss narrows to $4.6 million

Photo credit: New York Stock Exchange

Singapore-based property portal PropertyGuru posted a narrower net loss of S$6.3 million (US$4.6 million) for the first quarter of 2024, as compared to the US$7.5 million net loss it recorded in the same period last year.

This comes after the New York Stock Exchange-listed firm made positive earnings for the previous two quarters.

Revenue for the quarter rose 11.9% to US$27 million on the back of a strong growth in its Singapore marketplace segment.

Basic loss per share for the period stood as US$0.03, as compared to US$0.045 loss per share in the year-ago quarter. Meanwhile, adjusted EBITDA rose to US$3.3 million from US$163,000 in Q1 2023.

Fintech and data services revenue stood at US$742,000 for Q1 2024, down 3% year on year. On the other hand, marketplaces revenue increased by 13% to US$25.9 million over the same period, as strong results in Singapore offset a slower recovery in Vietnam and Malaysia.

Singapore marketplaces revenue was up 25% year on year to US$17.4 million, driven by growth in both the number of agents and the average revenue per agent.

Malaysia marketplaces revenue stood at US$4.9 million, as compared to US$5 million in the first quarter last year. Explaining the decline, the company said that property pricing remains elevated relative to consumer expectations, shifting the focus to rental listings in the near term.

Hari Krishnan, CEO 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.

Meanwhile, Vietnam marketplaces revenue was almost flat year over year at US$2.4 million in Q1 2024, as a 13% increase in the average revenue per listing was offset by a 13% decrease in listings amid a sustained market weakness.

“In Vietnam, we are seeing a gradual improvement in the property market toward the end of the quarter, with listings on our platform hitting a 12-month high in March,” said Krishnan.

Joe Dische, the company’s CFO, highlighted “selective hiring and focused investment” for the remainder of 2024.

“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 US$122 million to US$133 million and full-year adjusted EBITDA outlook of US$16.3 million to US$19.2 million are unchanged,” Dische added.

See also: PropertyGuru, 99.co unfazed by new HDB home listings portal