PropertyGuru reports $6m net loss in 2Q23

The company recorded a net loss despite a 12% YoY increase in its revenue.

PropertyGuru recorded a $6m net loss in the second quarter of 2023 despite recording a double-digit increase in its revenue for the period.

In an announcement, the PropTech company said its total revenue rose 12% YoY to $37m.

Revenues across its different segments likewise rose, led by Singapore, which saw a 25% YoY increase, followed by Malaysia (12% YoY).

On the flip side, revenue of its Vietnam marketplaces fell by 27% YoY to $5m.

For the full year, PropertyGuru expects its revenue to hit between $160m and $170m and Adjusted EBITDA between $11m and $15m.

“Although due to the ongoing situation in Vietnam, we now believe revenues will be at the bottom end of the range. We still anticipate that conditions in Vietnam will begin to improve in the latter stages of the year,” the company said.