PropertyGuru sinks deeper into the red with $12.3m loss in Q2

Photo credit: PropertyGuru

PropertyGuru sank deeper into the red in the second quarter ended June 30 with a net loss of S$16.1 million (US$12.3 million), widening from the roughly US$5 million recorded during the previous corresponding period.

However, this was mainly due to changes in fair value of preferred shares, warrant liability, and embedded derivatives, which accounted for US$7.9 million of its net loss for the quarter.

The group’s revenue for Q2 meanwhile rose 10.3% to US$31.1 million from US$28.2 million during the year-ago period.

This came on the back of higher contributions from its marketplaces segment, buoyed by improving conditions in Malaysia, Vietnam and Singapore, according to PropertyGuru.

Revenue of the marketplaces segment rose 10.6% on the year to US$29.9 million from US$27.1 million previously.

The company’s Singapore marketplaces registered the highest increase in revenue, up 16% to US$19.1 million from US$16.5 million last year.

The increase in its top line came as the number of agents rose to 16,577 and the average revenue per agent in Singapore climbed 17% to US$1,120 in Q2.

This was followed by Malaysia marketplaces, which were up 12.4% on the year at US$5.7 million, and Vietnam, which inched up 3.6% year on year to US$4.1 million.

Meanwhile, PropertyGuru’s fintech and data services segment logged a 3% year-on-year increase in revenue to US$1.2 million.

Loss per share for the group stood at US$0.08, widening from the US$0.03 registered in the year before.

Its adjusted EBITDA amounted to US$5.2 million for Q2, up from US$3.5 million in the same period the previous year.

For the six months ended June 30, PropertyGuru’s net loss widened to US$17.1 million compared with US$12.8 million in the previous corresponding period. Meanwhile, revenue was up 11.1% to US$59.1 million from US$53.2 million previously.

Adjusted EBITDA for the first half stood at US$8.7 million, up from the US$3.7 million recorded in the previous year.