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Singapore’s PropertyGuru posts internet loss for third quarter – EAST AUTO NEWS

Singapore’s PropertyGuru posts internet loss for third quarter


Non-public houses within the River Valley/Orchard space in Singapore. Returning Singaporeans and expatriates have pushed rental demand in Singapore, in response to PropertyGuru’s CFO.

Lauryn Ishak | Bloomberg | Getty Pictures

Singapore-based on-line property portal PropertyGuru posted a internet lack of $7.4 million Singapore {dollars} ($5.3 million) for the quarter ended Sept. 30 — down from final quarter’s internet revenue of SG$3.8 million.

However that is nonetheless decrease than the web lack of SG$9.6 million in the identical interval a yr in the past, and third quarter income grew by 47% yr on yr.

In the meantime, adjusted EBITDA for the third quarter improved to constructive SG$5.7 million, up from an adjusted EBITDA lack of SG$1.5 million in the identical interval a yr in the past. EBITDA is a measure of profitability that exhibits earnings earlier than curiosity, taxes, depreciation and amortization.

“Our third quarter outcomes illustrate that PropertyGuru has been capable of produce sturdy enterprise efficiency whilst a few of our core markets have begun to face headwinds from the difficult financial situations being skilled across the globe,” stated Hari Krishnan, PropertyGuru Group’s CEO and managing director.

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Within the earnings name Monday evening, Krishnan cited difficult situations corresponding to Singapore’s rising taxes and stamp duties. In Vietnam, credit score for buying houses is now tougher to entry, he stated.

The net portal gives info throughout the Singapore, Malaysia, Indonesia, Thailand and Vietnam marketplaces.

‘We stay bullish’

“Even with quick time period macro headwinds, we stay bullish on the long run prospects for PropertyGuru,” stated Joe Dische, the group’s CFO.

In an interview with CNBC’s “Squawk Field Asia” Tuesday, Dische pointed to tendencies within the Malaysia and Singapore property markets.

“We have seen some good exercise in Malaysia. The federal government has been supportive of lower-end and reasonably priced houses. There have been some measures taken kind of previous to the latest election, to have some kind of stamp obligation concessions … kicking in for first-time patrons. So we’re positively seeing some motion being taken there to help the market,” he stated.

Finance Minister Zafrul Aziz had stated in a price range speech to Parliament in early October that the nation will increase stamp obligation exemption to 75% from 50% on first residence purchases.

He stated returning Singaporeans and expatriates, in addition to delays in supply of build-to-order residences and renovation works in the course of the earlier phases of the pandemic, have pushed rental demand in Singapore.

Vietnam, however, has been cracking down on speculative exercise, making it troublesome for individuals to entry credit score, stated Dische.

“This does have a knock-on affect on the atypical one who is attempting to buy a property. However I feel there was some motion towards that hypothesis which drives inflation in these markets. As affordability drops, some individuals will wait and see and transfer into the rental market, rising costs and demand,” he added.

In October, the corporate made its first post-listing acquisition — Singapore-based residence providers know-how firm Sendhelper. PropertyGuru listed on the New York Inventory Change in March.

PropertyGuru shares are down 39% since its itemizing.

Singapore’s PropertyGuru posts internet loss for third quarter – EAST AUTO NEWS
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