iProperty Group, owner of the network of property portal sites under the iProperty brand (www.iproperty.com) in Malaysia, Hong Kong and Macau, Indonesia and Singapore announced revenues of AUD7.5 million for the first half of 2012 – a growth of 45% over the previous corresponding half year.
The decrease in NPAT and operating cash flow was driven by an investment ofAUD1.2million in rumah123.com, the leading property portal in Indonesia and the launch of commercialasia.com, now the leading commercial property portal for the region. In addition there were costs relating to a terminated acquisition activity.
Without this investment in new markets and the costs associated with the terminated acquisition activity, the loss for the period would have been AUD0.9 million. This is a 16% improvementon a like for like basis to the previous corresponding period.
The Group delivered strong growth in all key metrics:
*As at June 30th 2012 **the month of June 2012
iProperty Group Chief Executive, Shaun Di Gregorio, commented “The strong start to the year has been achieved by focusing on our core markets of Malaysia, Hong Kong and Macau, and Singapore. We have also invested an additional AUD1.2 million in driving growth in Indonesia and in launching a commercial property portal, commercialasia.com, both of which we see as strong long term high value businesses for the Group. We believe we are in a strong position to deliver continued revenue growth for the foreseeable future”.
New Senior Management
The first half of 2012 saw several key senior appointments including:
• Ed Sutton, formerly of UEM Land Group, as General Manager for the Developer segment
• Sean Tan, formerly of SingTel Digital Media, as General Manager for Singapore
• Paul Whiteway, formerly of Yahoo! Southeast Asia, as Chief Operating Officer
• Becky Leng, formerly of SingTel International Group, as Chief Marketing Officer
These appointments are part of the continued regeneration of the Senior Management team.
Movement to Mobile
The first six months of 2012 sawstrong growth in mobile use of the iProperty Group websites. The table below shows that in each market around 20% of the visits to our sites are from mobile devices. This trend is expected to continue over the coming year.
The strong growth of mobile has lead the iProperty Group to declare itself a ‘mobile first company’. This focus puts the Group well ahead of competitors in capturing the benefits from the shift to mobile.
Strengthened Balance Sheet
In June this year, the iProperty Group strengthened its financial position by raising AUD10.0 million in new capital. The capital raising was strongly supported by existing shareholders and also added nine new institutional investors to the share register. This capital will help facilitate the Group pursuing its business priorities. These include:
• Consolidation opportunities across its core markets of Malaysia, Hong Kong and Macau, Indonesia and Singapore;
• Fund potential entry to new geographic markets that meet the Group’s strategic criteria;
• Fund new cross-network opportunities such as the launch of the regions first commercial and industrial property portal – commercialasia.com; and
• Accelerate organic growth of existing businesses.
The iProperty Group will continue to pursue its objectives of strong revenue growth through superior operational execution and opportunistic acquisitions. The continued regeneration of the Management team and a clear growth strategy in each country has the Group well positioned for the future.
With leading position in key markets across Asia, the iProperty Group will continue to focus on providing innovation advertising solutions to customers and the best possible experience when property consumers are searching on one the Group’s portals.