Singapore's online portal PropertyGuru remains in the red even as fourth quarter revenue jumped

SINGAPORE — Singapore's online existent property portal PropertyGuru posted a nett nonaccomplishment of 5 cardinal Singapore dollars ($3.7 million) successful the 4th fourth of 2022.

The nonaccomplishment comes arsenic planetary involvement rates proceed to rise, and arsenic Vietnam, 1 of its cardinal markets, tightened borrowing successful existent estate.

Net nonaccomplishment for the 3 months to December 2022 came successful astatine SG$5.2 million. That's astir a 30% improvement from the erstwhile quarter's nett nonaccomplishment of SG$7.4 million.

Full twelvemonth nett losses successful 2022 amounted to SG$129.2 million, amended than a nett nonaccomplishment of SG$187.4 cardinal the erstwhile year.

The steadfast has yet to station a full-year nett since launching successful 2007. It presently dominates the Southeast Asian market.

"Although it is hard to accidental erstwhile PropertyGuru is capable to beryllium backmost successful achromatic successful presumption of nett net aft tax, its 30% betterment successful nett nonaccomplishment is commendable," said Maximilian Koeswoyo, a probe expert astatine Phillip Securities.

Meanwhile, gross successful the 4th fourth came successful astatine SG$40 million, astir 17% summation from a twelvemonth ago. Full twelvemonth gross jumped 35% to SG$136 million.

Shares of PropertyGuru closed 1.68% higher connected Wednesday.

"An accrued merchandise adoption, improved pricing and the continued integration of the iProperty acquisition each helped to offset challenging marketplace decisions. That said, macro and fiscal argumentation uncertainty continues to trial our customers," said Hari Krishnan, CEO and managing manager of PropertyGuru, during the net telephone connected Wednesday.

"We judge that the headwinds our halfway markets present look are mostly temporary, and the longer word runway and underlying prospects for economical show successful Southeast Asia person not changed," said Krishnan.

Adjusted EBITDA, oregon net earlier interest, taxes, depreciation and amortization, for the 4th was a affirmative SG$5 million, up from an adjusted EBITDA nonaccomplishment of SG$4 cardinal successful the aforesaid play successful 2021. 

Krishnan said higher borrowing costs and uncertainty astir Malaysia's nationalist elections successful November impacted sales, portion the Singapore marketplace remained resilient. In Vietnam, the authorities continued to tighten recognition to negociate indebtedness levels resulting successful a driblet of property listing.

After acquiring its Southeast Asian competitors — specified arsenic iProperty and brickz successful Malaysia, thinkofliving and Prakard.com successful Thailand successful 2021, arsenic good arsenic Batdongsan successful Vietnam in 2018 — the steadfast remains a ascendant subordinate successful the region.

"PropertyGuru is decidedly inactive successful a growth-stage mindset arsenic it is inactive actively looking for further merger and acquisition opportunities and focusing connected however it tin supply a much implicit work offerings connected its platform," Koeswoyo told CNBC successful an email.

"PropertyGuru's banal has mislaid astir 50% of its worth since its listing successful March 2022 and its regular measurement is connected the debased broadside arsenic well, truthful I deliberation the banal has not garnered important attraction from the investors," said Koeswoyo.

PropertyGuru's banal performance

"I judge the banal is going to look immoderate challenges successful the near-term, particularly with the cooling measures by governments crossed the Southeast Asian region, but I deliberation it's going to person a large turnaround erstwhile PropertyGuru shows an aboriginal signs of trajectory towards affirmative nett net aft tax," said Koeswoyo.

PropertyGuru expects the integration and scaling of the Sendhelper acquisition "to negatively interaction profitability by SG$3 cardinal to SG$4 cardinal successful 2023," the net merchandise said.

Sendhelper operates an app that offers location services specified arsenic cleaning and pest power and was acquired by PropertyGuru past year, marking the latter's foray into the market.

The online spot portal is maintaining a "conservative outlook successful 2023" amid challenges, and expects afloat twelvemonth 2023 gross of betwixt SG$160 cardinal and SG$170 cardinal and adjusted EBITDA of betwixt SG$11 cardinal and SG$15 million, it said successful the release.

PropertyGuru began trading connected the New York Stock Exchange on Mar. 18 past year.