PropertyGuru Group more than doubled its net loss to $16.1 million in 2QFY2024, for the three months to end-June, from just $6.5 million for the same period a year ago.
In 1HFY2024, for the six months to end-June, net loss expanded by 34% y-o-y to $22.4 million. However, revenue rose by 10.3% to $40.7 million in 2QFY2024, and by 11.1% to $77.2 million in 1HFY2024.
Costs, including staff costs and interest expenses, were pretty stable. The biggest jump in costs was in legal and professional services and the strategic review contributed $4.997 million in 2QFY2024, and $5.468 million in 1HFY2024, to this cost.
According to PropertyGuru’s press release, marketplaces revenues increased 11% y-o-y in 2QFY2024 to $39 million, driven by improving conditions in Malaysia and Vietnam. However, adjusted ebitda for “other Asia” and fintech posted losses.
EQT AB has agreed to buy PropertyGuru in an all-cash deal, valuing the online property search company at $1.1 billion. The agreement amounts to $6.70 per share.
