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PropNex reports 15% lower 3Q19 earnings on weaker sales

PC Lee
PC Lee11/13/2019 02:34 PM GMT+08  • 2 min read
PropNex reports 15% lower 3Q19 earnings on weaker sales
SINGAPORE (Nov 13): Homegrown real estate agency PropNex reported a 15.2% fall in 3Q19 earnings to $6.1 million from a year ago, which came on the back of lower revenue.
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SINGAPORE (Nov 13): Homegrown real estate agency PropNex reported a 15.2% fall in 3Q19 earnings to $6.1 million from a year ago, which came on the back of lower revenue.

Revenue for the 3Q19 ended Sept came in at $122.5 million, down 1.3% against the same quarter a year ago mainly due to a 9.4% decrease in commission income from agency services to $75.3 million. However, this was offset by 15.9% increase in revenue from project marketing services of $45.3 million.

Commission income from agency services for resale activities in 3Q19 as 3Q18 saw strong en-bloc activities before the cooling measures were implemented. Project marketing services also reported higher income as a significant number of option-to-purchase were completed in 3Q19.

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