Singapore-based real estate marketplace PropertyGuru posted revenue growth for the second consecutive quarter in Q4, with the indicator increasing by 3.5% year on year (y-o-y) to SGD42 million ($31.5 million U.S.).

Marketplace revenue rose 4.1% y-o-y to SGD39.9 million “as continued strength in Singapore helped to offset ongoing challenges in Vietnam,” said PropertyGuru. The company closed two of the nine branches related to its marketplace business in the latter country.

The real estate marketplace company also saw net profit of SGD1 million in the quarter ended Dec. 31, from a net loss of SGD5 million a year earlier.

PropertyGuru’s Q4 EBITDA jumped to SGD8.9 million ($14.9 million U.S.) from SGD503,000 in the same period last year, according to the company’s financial report issued on Mar. 1.

For the full year 2023, revenue increased 10.5% to SDG150 million from SDG136 million in 2022, while the net loss narrowed by 88.2% to SGD15.3 million from SDG129 million.

On Feb. 27, the group announced it was laying off 79 employees, or 5% of its workforce, as part of a strategic review to future-proof the business in a volatile market. CEO and MD Hari Krishnan said the decision had been made amid a less encouraging business situation in Malaysia, where revenue was flat in the quarter at SGD7.5 million, and Vietnam, where revenue decreased by 21.9% to SGD4.6 million.

“I am pleased with our results in 2023. We delivered 13% adjusted EBITDA margin despite significant macro challenges in two core markets, Vietnam and Malaysia,” said CFO Joe Dische.

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