iProperty Group Ltd (ASX: IPP), the owner of Asia’s No. 1 network of property portal sites under the iProperty brand, today released its 4C statement demonstrating the continued growth of the business in the first quarter of 2014.
Cash receipts (collections) for the period were AU$5.3 million, an improvement of 23% on the corresponding period in 2013. Operating cash payments increased only 2% from the previous corresponding period to AU$5.6m. Overall this resulted in a net operating cash outflow of approximately AU$0.3m compared to an outflow of AU$1.1m for the same period in 2013.
The underlying business has continued to grow strongly with (unaudited) revenue up by more than 35% in the first quarter this year compared to 2013, whilst (unaudited) operating expenses have declined compared to the prior year.
Incoming iProperty Group CEO & Managing Director, Georg Chmiel commented “this has been a fantastic start to 2014. The continued growth in collections and revenues is evidence of the significant growth iProperty Group is experiencing. For example, the Indonesian business, Rumah123.com, has enjoyed a brilliant start to the year with revenues up around 50% from the previous comparable period. Similarly the Malaysian agent business also continues to thrive with revenue for the first quarter also up almost 50% compared to 2013.”
Source: iProperty Group Ltd