PropertyGuru’s listing in NYSE / Photo credit: NYSE
Proptech firm PropertyGuru reported a 16% increase in revenue for the first quarter of 2023 on the back of strong performances from its Malaysia and Singapore marketplaces.
It registered US$24.2 million in revenue for Q1, up from about US$21 million from a year ago. Its core market of Singapore contributed almost US$14 million of the amount, with Malaysia chipping in roughly US$5 million. Both markets showed year-on-year growth of around 25%.
Meanwhile, PropertyGuru’s performance in Vietnam continued to cool in the quarter, with segment revenues slumping 34.2% year on year to US$2.5 million. Joe Dische, CFO of PropertyGuru, attributed this to the local government’s attempt to temper the real estate market woes in Vietnam by placing monetary restrictions last year.
“Given macro uncertainty, we continue to keep a close eye on costs, especially with respect to discretionary spending,” he added.
The company logged US$7.6 million in net losses for the quarter, compared to US$89.4 million in the same year-ago period. However, the 2022 number included US$78 million in share listing expenses and US$13.3 million in legal and professional expenses for its IPO. Adjusted earnings landed at about US$160,000, down from about US$410,000 in Q1 2022.
See also: SEA’s listed tech majors in 11 charts: Grab, Bukalapak extend their runway
PropertyGuru also reaffirmed its full-year 2023 outlook for revenue of US$118.8 million to US$126.2 million and adjusted earnings of US$8.2 million to US$11.1 million.
Editing by Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
