- PropertyGuru’s Q1 loss narrows to $4.6 million, with revenue rising 11.9% to $27 million.
- Singapore market shines, while Vietnam and Malaysia face challenges amid market weakness.
- The company remains optimistic, focusing on strategic investments and leveraging AI for growth.
PropertyGuru, the Singapore-based property portal, has been hitting the gym and watching its finances, reporting a leaner net loss of S$6.3 million (US$4.6 million) for the first quarter of 2024.
This is a significant improvement compared to the US$7.5 million net loss recorded in the same period last year.
The New York Stock Exchange-listed firm’s revenue also got a boost, rising 11.9% to US$27 million, thanks to the heavy lifting done by its Singapore marketplace segment.
All eyes on Singapore
PropertyGuru’s marketplaces revenue flaunted a 13% increase, reaching US$25.9 million, as Singapore’s strong performance carried the team while Vietnam and Malaysia faced some hurdles.
Singapore marketplaces revenue showed off a 25% year-on-year growth, hitting US$17.4 million, powered by an increase in both the number of agents and the average revenue per agent.
However, Malaysia and Vietnam had to deal with some market challenges, with Malaysia seeing a shift towards rental listings and Vietnam facing sustained market weakness.
Keeping the faith and investing wisely
Despite the obstacles, PropertyGuru CEO and Managing Director Hari Krishnan remains optimistic about the Malaysian market’s future prospects, citing a reviving property-buying sentiment based on the company’s consumer survey.
CFO Joe Dische highlighted the company’s game plan for the rest of 2024, focusing on selective hiring and smart investments.
PropertyGuru plans to leverage automation, existing technologies, and the power of generative AI to enhance customer experiences and keep costs in check while driving revenue growth.
To read the original article: https://www.techinasia.com/propertyguru-q1-loss-narrows-46-million
