PropNex (SGX:OYY) reported a 22.9% drop in 1H23 revenue to S$364.3m, dragged down by lower project marketing revenue and reduced agency services revenue from lower resale transactions, but partly offset by higher rental commissions.
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Gross profit margin was slightly lower y-o-y at 9.8% due to a lower proportion of the higher-yielding project marketing revenue.
In May 2023, PropNex completed its 1-for-1 bonus issue. Consequently, EPS (adjusted for bonus issue) was 2.98 cents, down18.4% y-o-y.
PropNex (SGX:OYY) reported a 22.9% drop in 1H23 revenue to S$364.3m, dragged down by lower project marketing revenue and reduced agency services revenue from lower resale transactions, but partly offset by higher rental commissions.
PATMI declined 18.4% y-o-y to S$22.1m due to lower staff costs and one-off reversal of impairment losses recognised on trade and other receivables.
Gross profit margin was slightly lower y-o-y at 9.8% due to a lower proportion of the higher-yielding project marketing revenue.
In May 2023, PropNex completed its 1-for-1 bonus issue. Consequently, EPS (adjusted for bonus issue) was 2.98 cents, down18.4% y-o-y.
PropNex's 1H23 revenue from project marketing fell 38.1% y-o-y to S$113.5m due to fewer project launches in FY22 and 1H23, during which it sold a total of 7,099 and 3,383 new homes, down 45.5% and 20% y-o-y, respectively. Management remains optimistic about PropNex’s outlook for 2H23F.
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Above is the excerpt from research report by CGS-CIMB. Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
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