Singapore's online portal PropertyGuru remains in the red even as fourth quarter revenue jumped
Publishing timestamp: 2023-03-01 23:45:06
Summary
PropertyGuru posted a net loss of $5 million Singapore dollars ($3.7 million) in the fourth quarter of 2022, citing challenges such as rising interest rates and government credit intervention in Vietnam. Revenue improved 17% in the same quarter. Maximilian Koeswoyo, research analyst at Phillip Securities, believes the stock will face challenges in the near-term but will have a major turnaround once PropertyGuru shows early signs of a trajectory towards positive net profit after tax. PropertyGuru expects integration and scaling of Sendhelper acquisition to negatively impact profitability in 2023.
Sentiment: MIXED
Tickers: PGRU,
Keywords: real estate, technology, business news, internet, earnings, propertyguru group ltd, asia economy,