PropNex posts 67.6% decline in 1Q earning to $2 mil on lower revenue

By Stanislaus Jude Chan / The Edge Singapore | May 15, 2019 12:52 PM SGT
SINGAPORE (May 14): Real estate agency PropNex recorded a 67.6% drop in earnings to $2.0 million for the 1Q19 ended March, falling from $6.2 million in the corresponding quarter a year ago.
Earnings per share (EPS) sank to 0.54 cents for 1Q19, some 73.1% lower than EPS of 2.01 cents in 1Q18.
“The reduced number of new launches in the first two months of the year, compounded by the effects of the property cooling measures and increase in interest rates have inevitably impacted our financial performance,” says Ismail Gafoor, PropNex’s executive chairman and CEO.