The iProperty Group reported record cash collections of A$32.3m for the full year 2015, representing an increase of A$10.7m or 50% over 2014. This was achieved despite a worsening of the Malaysian Ringgit versus the Australian Dollar with Malaysian operations contributing more than 50% of the annual revenues and collections.
The Group also managed to achieve a positive net operating cash flow in it’s fourth consecutive operating cash flow positive period. This result is particularly good as iProperty incurred prepayments for the 2016 property expos, a weakening property market, unfavourable FX movements and expenditures relating to the IPP-REA merger (scheme) during the quarter.
Georg Chmiel, iProperty Group Managing Director and CEO said “Yet again, this result is a reflection of the significant growth our businesses have been experiencing over the last several quarters. We are looking forward to continuing the growth as part of the REA Group from February 2016 as soon as the scheme is approved.”