PropertyGuru Filings for FY20 Show Net Losses

July 18, 2021
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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.

July 18, 2021
Victoria has been writing about property portals and marketplace sites for Online Marketplaces for over 3 years. She is also our resident artist and is responsible for all of the infographic content on the site.

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