Reports Record Collections and Positive Quarterly Cash Flow
Sydney, April 27, 2015 AEST (ABN Newswire) - iProperty Group Ltd (
ASX:IPP), the owner of Asia's No. 1 network of property portal sites and related real estate services, today released its 4C for the first quarter of 2015. iProperty Group reported the highest collections ever recorded of almost A$ 7.5 million, an increase of 41% or A$ 2.2 million over the prior corresponding period. For both Malaysia and the Hong Kong Region collections were up 46% and for Indonesia collections were up 49% over the prior corresponding period.
The Group also recorded positive net operating cash flow of A$ 0.4 million and positive net cash flow overall of approximately A$ 0.1 million.
Said Georg Chmiel, iProperty Group Managing Director and CEO, "We are extremely happy with the step change in both collections and cash flow that our most recent quarter represents. We look forward to continuing our excellent growth trajectory through the balance of 2015."
He continued, "The Malaysian and Hong Kong operations are going from strength to strength, and Indonesia is further extending its lead over the competition. We also recently completed our acquisition of the market leader in Thailand, ThinkOfLiving.com, which presents a tremendous opportunity in a new, extremely dynamic Southeast Asian market. Further, the transition of our Singapore operations into a hub for international projects and project marketing is progressing very well.
With 3 of our 5 countries now profitable, 40,000 agents subscribing to our services and 500 paying developer clients, iProperty Group has expanded its dominance across the Southeast Asia and Hong Kong Region even further and is well positioned for future growth."
About iProperty Group Ltd
Headquartered in Kuala Lumpur, Malaysia, iProperty Group Ltd (ASX:IPP) is focused on developing and operating leading real estate portals and delivering the most comprehensive set of related real estate services and project marketing across the Region. The Group owns portals which are market leaders in Malaysia, Thailand, Indonesia and the Hong Kong Region and a leading portal in Singapore. The iProperty Group is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region.
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