Revenue fell by 5.1% y-o-y to $345.6 million mainly due to lower commission income from project marketing services and mitigated by slightly higher commission income from real estate agency services.
Analysts from CGS International and Maybank Securities have lowered their target prices on PropNex after a “slow start to the year”.
For the 1HFY2024 ended June 30, PropNex reported earnings of $19.0 million, 13.8% lower y-o-y amid headwinds from limited new property launches. The group’s first-half results also suffered from the impact of property cooling measures, it said in its statement dated Aug 13.
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