Leading Singaporean property portal, PropertyGuru, has reported filings for losses for FY2020. Due to various reasons-the pandemic being the overarching main one- PropertyGuru, like many other real estate companies around the world, met huge losses.
This recent filing was done through the Accounting and Corporate Regulatory Authority (ACRA) and shows that PropertyGuru saw $11.8 million in net losses. PropertyGuru also reported revenue was down 7.8% from FY2019.
This is the first time since 2017 that the company saw revenue numbers dip for its full-year filings.
Another hit to the company’s finances was a failed IPO on the Australian Stock Exchange, which cost the company a significant amount of loss. The IPO, which was expected to raise A$380.2 million, was canceled because of how unstable the market was at the time.
More blows came in the form of funding round failures. Namely:
- Fair value loss of $15.1 on conversion option of Series B preference shares.
- Fair value loss of %2.6 million on Series C preference shares
When it came to liabilities, the company’s total exceeded $42.9 million, compared to $39.4 million, year-over-year.
Early in 2020, the company issued over 84.7k Series E preference shares at $317.90 a share, according to TechInAsia. PropertyGuru’s valuation dropped within that time from US$723 million to US$692 million. After issuing the Series E shares, the company received $26.9 million in total.
However, 2021 has been the year of bounceback for many companies. Earlier this season, PropertyGuru entered a monumental agreement with REA Group where it would acquire all of REA Group’s shares in Malaysia and Thailand.