SINGAPORE (Feb 27): Real estate agency Propnex this morning announced that its 4Q19 earnings have increased by 349.5% to $8.2 million from just $1.8 million in 4Q18.

This increase happened as revenue for the fourth quarter ended Dec 31, 2019, increased by 57.9% to $131.0 million from $83.0 million a year ago, due mainly to the increase in commission income from project marketing services, which in turn is attributable to the increase in the number of units completed in 4Q19 following the recovery of the private residential market during the first three quarters of the year since the impact of additional cooling measures in July 2018.

As cost of sales increased 54.4% y-o-y to $116.1 million, 4Q19 gross profit came in at $14.9 million, 91.7% higher than $7.8 million in the previous year.

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