PropNex's Q3 net profit balloons 9.3%

However, revenue dropped 3.3% due to lower agency commission income.

PropNex recorded a 9.3% hike in net profit in Q3 to $7.2m from $6.6m a year ago, propped up by strong demand in both private residential and public housing segments.

The group saw a 24.6% YoY growth in topline to $360m and a 78.7% YoY growth in NPAT to $23.2 million over the same comparative period.

A decline in commission income from agency services due to the circuit breaker led to a 3.3% drop in revenue to $118.5m in the same period, but was partially offset by a hike in commission income from project marketing services due to a higher number of completed transactions.

The group’s balance sheet remained robust with cash and cash equivalents of $94.8m as of 30 September 2020, compared to $81.6m as of 31 December 2019.