PropertyGuru CEO and managing director Hari V. Krishnan at the company’s listing in The New York Stock Exchange / Photo Credit: NYSE
Singapore-based PropertyGuru posted S$312,000 (US$233,000) in net income for the third quarter of 2023, reversing a four-quarter streak of net losses.
The company reported a 13.2% increase in revenue to US$29.2 million for the quarter. Its core market of Singapore contributed almost US$16.8 million of the amount, with Malaysia chipping in roughly US$5.1 million.
Meanwhile, revenue from its Vietnam’s operations dipped 32.8%, as the country’s property market continued to struggle amid government policy interventions.
Hari V. Krishnan, CEO and managing director of PropertyGuru, said the firm will be “laser-focused” on company-wide investments as it waits for greater clarity on Vietnam’s property landscape.
The company posted US$3.9 million in adjusted EBITDA for the quarter, more than doubling its results for the same year-ago period.
“We are focused on delivering ongoing improvements in operating leverage through technology, automation, machine learning, and prudent cost management,” said Joe Dische, CFO of PropertyGuru. “Our objective is to deliver sustained increases in adjusted EBITDA margin.”
Currency converted from Singapore dollar to US dollar: US$1 = S$1.34.
See also: PropertyGuru’s financial health in 6 charts
Correction (November 22, 1:00 pm): This article was updated to correct the net income PropertyGuru generated in the quarter.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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