KUALA LUMPUR (Sept 4): PropertyGuru Group Ltd’s net loss widened to S$16.12 million (RM53.6 million) in the second quarter ended June 30, 2024 (2QFY2024), from S$6.47 million in the same quarter last year.

The property technology company said the adjusted earnings before interest, taxes, depreciation, and amortisation (Ebitda) rose 48% to S$6.82 million, from S$4.61 million previously.

Meanwhile, revenue grew 10% to S$40.68 million from S$36.88 million in the preceding year’s corresponding quarter, with growth from Vietnam as market conditions continue to improve, it said in a statement on Wednesday.

“Marketplaces revenues increased 11% year-on-year (y-o-y) to S$39 million in 2Q(FY2024), driven by improving conditions in Malaysia and Vietnam, combined with ongoing strength in Singapore,” it said.

Malaysia’s marketplace revenue rose 12% y-o-y to S$7.42 million, as it continued to benefit from iProperty and PropertyGuru Malaysia’s combined market strength.

Meanwhile, Singapore marketplace revenue jumped 16% y-o-y to S$24.97 million, as the number of agents and the average revenue per agent grew in the quarter, it said.

Vietnam marketplace revenue improved 4% y-o-y to S$5.26 million, as an increase in the number of listings was partially offset by a decrease in average revenue per listing.

“Fintech and data services’ revenue increased 3% y-o-y to S$1.6 million,” it said.

PropertyGuru added that cash and cash equivalents were S$309 million at quarter-end.

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