Singapore’s PropertyGuru posts internet loss for third quarter

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

However that is nonetheless decrease than the web lack of S$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 optimistic S$5.7 million, up from an adjusted EBITDA lack of S$1.5 million in the identical interval a yr in the past. EBITDA is a measure of profitability that reveals earnings earlier than curiosity, taxes, depreciation and amortization.

“Our third quarter outcomes illustrate that PropertyGuru has been in a position to produce robust enterprise efficiency at the same time as a few of our core markets have begun to face headwinds from the difficult financial circumstances being skilled across the globe,” mentioned Hari Krishnan, PropertyGuru Group’s CEO and managing director.

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

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

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

In an interview with CNBC’s “Squawk Field Asia” Tuesday, Dische pointed to traits 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 inexpensive properties. There have been some measures taken type of previous to the latest election, to have some type of stamp obligation concessions … kicking in for first-time consumers. So we’re positively seeing some motion being taken there to assist the market,” he mentioned.

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

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

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

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

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

PropertyGuru shares are down 39% since its itemizing.