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PropNex reports 20.7% lower 2QFY2022 earnings of $13.1 mil

Felicia Tan
Felicia Tan8/10/2022 08:46 AM GMT+08  • 4 min read
PropNex reports 20.7% lower 2QFY2022 earnings of $13.1 mil
Ismail Gafoor, co-founder, executive chairman and CEO of PropNex. Photo: Samuel Isaac Chua/The Edge Singapore
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PropNex has reported earnings of $13.1 million for the 2QFY2022 ended June, 20.7% lower than earnings of $16.5 million in the same period the year before.

This brings the property agency’s 1HFY2022 earnings to $27.0 million, 13.8% lower y-o-y.

During the 2QFY2022, PropNex saw revenue decline by 11.4% y-o-y to $230.7 million due to the lower commission income from project marketing services as a result of fewer project marketing launches during the period. The lower commission income was partly mitigated by an increase in commission income from agency services in the quarter due to the higher number of transactions completed for agency services.

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