- 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.
- - Read this at SGinvestors.io -
- Gross profit margin was slightly lower y-o-y at 9.8% due to a lower proportion of the higher-yielding project marketing revenue.
- 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 proposed an interim dividend of S$0.025. See PropNex's dividend date.
- 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.
- Read more at SGinvestors.io.
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/.
LOCK Mun Yee CGS-CIMB Research | https://www.cgs-cimb.com 2023-08-16
Previous report by CGS-CIMB:
2023-02-28 PropNex - Making The Right Moves.Price targets by 4 other brokers at PropNex Target Prices.
Listing of research reports at PropNex Analyst Reports.
Relevant links:
PropNex Share Price History,
PropNex Announcements,
PropNex Dividends & Corporate Actions,
PropNex News Articles
