IPGA Delivers Strong Growth in First Half of 2011

ASX/MEDIA RELEASE

 

IPGA Delivers Strong Growth in First Half of 2011

 

25th August 2011: iProperty Group Limited (ASX:IPP), the owner and operator of market leading real estate portals in Malaysia, Hong Kong, Singapore and Indonesia, today announced revenues of A$5.2 million for the first half of 2011, a growth of 80% over the previous corresponding half year.

AUD millions

Growth

1H 2011

1H 2010

1H 2009

Revenues from Continuing Operations

80%

5.21

2.90

1.90

NPAT from Continuing Operations

26%

(1.13)

(1.54)

(1.08)

Operating Cash Flow

17%

(0.72)

(0.87)

(0.61)

 

On a local currency basis, Malaysia, Hong Kong and Singapore all delivered strong half year on corresponding half year growth.

Millions

Currency

Growth

1H 2011

1H 2010

1H 2009

Malaysia

MYR

114%

9.82

4.59

2.44

Singapore

SGD

79%

1.97

1.10

0.69

Hong Kong

HKD

42%

4.56

3.20

1.61

 

iProperty Group Chief Executive Officer, Shaun Di Gregorio, commented ”We have had a very strong start to 2011. The first half results reflect our decision to focus on our three core markets of Malaysia, Hong Kong and Singapore. We are very clear on our business strategy and have significantly improved the quality of our management team. Our focus is to continue to build upon our market leading positions by growing our online revenue with a focus on agent penetration, listings content, unique visitors and leads to our customers. We believe the progress we’ve made over the last six months provides us with an excellent platform for continued strong growth.”

 

Malaysia

iProperty.com.my is the leading property portal in Malaysia.  It is the clear leader and continues to deliver strong growth, with half year on corresponding half year advertising revenues growing by 146%.  Revenue from the magazine and events business grew by 63% during the first half year.

MYR millions

Growth

1H 2011

1H 2010

1H 2009

Advertising Revenues

146%

6.88

2.80

1.16

Magazine and Events Revenues

63%

2.94

1.79

1.27

 

Underlying this strong growth was an increase in paying agents to 6,828 as at 30 June 2011, representing growth of 58% from June 2010.  During the same period the number of property listings increased by 71% and the number of unique visitors to the website grew by 108%.

 

Growth

1H 2011

1H 2010

1H 2009

Paying Agents (as at June 30th)

58%

6,828

4,318

2,271

Unique Visitors (June)

108%

892,894

429,276

267,729

Listings (June)

71%

171,000

100,001

58,496

 

Singapore

iProperty.com.sg is the equal market leader in the Singapore market.  During the first half of the year, revenues grew by 79% to SG$1.97 million.

SGD millions

Growth

1H 2011

1H 2010

1H 2009

Revenues

79%

1.97

1.10

0.69

 

Underlying the strong first half growth has been a major focus on increasing the number of agents with the result being a 42% increase from 4,111 as at 30 June 2010 to 5,846 as at 30 June 2011. During the same period, there was a 61% increase in the number of property listings and a 139% increase in unique visitors.

 

Growth

1H 2011

1H 2010

1H 2009

Paying Agents (as at June 30th)

42%

5,846

4,111

1,644

Unique Visitors (June)

139%

734,793

307,273

223,837

Listings

61%

73,625

45,672

22,691

 

Hong Kong

In Hong Kong, the iProperty Group operates under the GoHome.com.hk brand.  GoHome is the leading property portal in Hong Kong.  It has established a solid lead over its competitors and continues to deliver strong revenue growth, with half year on the corresponding half year revenues growing by 42%.

HKD millions

Growth

1H 2011

1H 2010

1H 2009

Revenues

42%

4.56

3.20

1.61

 

Underlying the strong growth in revenues has been an increase in paying real estate agency offices to 871 as at 30 June 2011, representing an increase of 41% over the number of offices at 30 June 2010.  During the same period, there was a 102% increase in property listings and a 75% increase in unique visitors.

 

Growth

1H 2011

1H 2010

1H 2009

Paying Agents (as at June 30th)

41%

871

619

271

Unique Visitors (June)

75%

449,582

257,135

195,268

Listings (June)

102%

188,963

93,331

66,472

 

Outlook

Having established a strong position in each of Malaysia, Hong Kong and Singapore, the focus for the Group for the remainder of 2011 is to continue to build agent penetration, listings content, website traffic and leads to advertisers. The business will continue to be aggressive in pursuit of these goals as we invest in our human capital and the long term benefit of effective and efficient sales and marketing execution.

At the same time the business will continue to be focused on the development of innovative solutions for its customers and providing consumers using the iProperty Group network of property portals with the best possible experience when searching for property.

With the completion of the acquisitions in Indonesia there will be a clear focus on rapidly growing the agent subscriber base, engaging property developers across Indonesia and increasing the consumer traffic to the website. This will be aided by the experience that the business has had in the growth of its existing core markets and the depth of experience that exists in the senior management team.

—–END—-

*Source: Google analytics, iProperty Group Internal statistics

 

For more information please contact:

Shaun Di GregorioChief Executive Officer 

iProperty Group Limited

Mobile: +60 17207 6221

Email:   [email protected]

Nick GeddesCompany SecretaryiProperty Group Ltd

Tel                  +61 2 9329 0277

Fax                 +61 2 9233 4497

Email: [email protected]

 

 

About iProperty Group Limited (www.iproperty-group.com)

Listed on the Australian Securities Exchange, iProperty Group formerly known as IPGA Limited  (ASX: IPP) owns Asia’s leading network of property websites under the iProperty.com umbrella brand. The Company is focused on developing and operating Internet-based real estate portals with other complementary offerings in Asian markets. It currently operates consumer and business online property portals in the markets of Singapore, Malaysia , Hong Kong, and Indonesia with investments in India and the Philippines. With further expansion planned, IPGA is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region.

 

iProperty Group Limited Network of websites:

Malaysia: iProperty.com Malaysia

Singapore: iProperty.com Singapore

Hong Kong: GoHome.com.hk and House18.com

Indonesia: rumah123.com and rumahdanproperti.com

India: iProperty.com India

Philippines: iProperty.com Philippines

Events: iProperty.com EXPO

Luxury: iLuxuryasia.com