For the FY2020 ended December, real estate portal PropertyGuru has reported a net loss of $11.8 million, from a net loss of $39.8 million in the FY2019.
The company also saw revenue of $82.1 million during the FY2020, 7.2% lower than FY2019’s revenue of $88.4 million, and significantly below the $105 million projected in its 2019 prospectus from its aborted IPO attempt on the Australian Stock Exchange.
This is also the first time since 2017 that the company has seen a dip in revenue for its full-year figures.
The most recent FY2020 figures were from PropertyGuru’s filings with the Accounting and Corporate Regulatory Authority (ACRA).
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The $82.1 million includes other income of $2.8 million, of which around $1.8 million were from the Jobs Support Scheme (JSS).
The IPO, which was expected to raise some A$380.2 million ($383.3 million), was cancelled due to the volatility in the market.
According to the company’s financial statements, PropertyGuru also saw a fair value loss of $15.1 million on conversion option of Series B preference shares, compared to the $16.0 million gain in FY2019.
In FY2020, PropertyGuru saw a fair value loss of $2.6 million on Series C preference shares, compared to the $1.2 million gain in FY2019.
As at Dec 31, 2020, PropertyGuru’s total liabilities exceeded its total assets by $42.9 million compared to the $39.4 million posted in FY2019.
According to tech publication TechInAsia, citing VentureCap Insights, PropertyGuru’s valuation fell between its Series E and F funding rounds, from US$723 million ($978.9 million) to US$692 million respectively.
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On Jan 30, 2020, the company issued 84,705 Series E preference shares at $317.90 apiece. PropertyGuru, during that round, received $26.9 million for the total shares issued.
On Sept 7, 2020, PropertyGuru issued 210,526 Series F preference shares at $285 apiece, where it received a total of $60 million for the shares.
Photo: Bloomberg
