Singapore's PropertyGuru slips back into the red with $5.3 million net loss for the third quarter

Singapore-based online spot portal PropertyGuru posted a nett nonaccomplishment of S$7.4 cardinal ($5.3 million) for the 4th ended Sept. 30 — down from past quarter's nett net of S$3.8 million.

But that's inactive little than the nett nonaccomplishment of S$9.6 cardinal successful the aforesaid play a twelvemonth ago, and 3rd 4th gross grew by 47% twelvemonth connected year.

Meanwhile, adjusted EBITDA for the 3rd 4th improved to affirmative S$5.7 million, up from an adjusted EBITDA nonaccomplishment of S$1.5 million in the aforesaid play a twelvemonth ago. EBITDA is simply a measurement of profitability that shows net earlier interest, taxes, depreciation and amortization.

"Our 3rd 4th results exemplify that PropertyGuru has been capable to nutrient beardown concern show adjacent arsenic immoderate of our halfway markets person begun to look headwinds from the challenging economical conditions being experienced astir the globe," said Hari Krishnan, PropertyGuru Group's CEO and managing director.

In the net telephone Monday night, Krishnan cited challenging conditions specified arsenic Singapore's rising taxes and stamp duties. In Vietnam, recognition for purchasing homes is present harder to access, helium said.

The online portal provides accusation crossed the Singapore, Malaysia, Indonesia, Thailand and Vietnam marketplaces.

"Even with abbreviated word macro headwinds, we stay bullish connected the agelong word prospects for PropertyGuru," said Joe Dische, the group's CFO.

In an interrogation with CNBC's "Squawk Box Asia" Tuesday, Dische pointed to trends successful the Malaysia and Singapore spot markets.

"We've seen immoderate bully enactment successful Malaysia. The authorities has been supportive of lower-end and affordable homes. There were immoderate measures taken benignant of anterior to the caller election, to person immoderate benignant of stamp work concessions ... kicking successful for first-time buyers. So we're decidedly seeing immoderate enactment being taken determination to enactment the market," helium said.

Finance Minister Zafrul Aziz had said successful a fund code to Parliament successful aboriginal October that the state volition rise stamp work exemption to 75% from 50% connected archetypal location purchases.

He said returning Singaporeans and expatriates, arsenic good arsenic delays successful transportation of build-to-order apartments and renovation works during the earlier stages of the pandemic, person driven rental request successful Singapore.

Vietnam, connected the different hand, has been cracking down connected speculative activity, making it hard for radical to entree credit, said Dische.

"This does person a knock-on interaction connected the mean idiosyncratic who is trying to acquisition a property. But I deliberation determination has been immoderate enactment against that speculation which drives ostentation successful those markets. As affordability drops, immoderate radical volition hold and spot and determination into the rental market, expanding prices and demand," helium added.

In October, the institution made its archetypal post-listing acquisition — Singapore-based location services exertion institution Sendhelper. PropertyGuru listed connected the New York Stock Exchange successful March.

PropertyGuru shares are down 39% since its listing.