iProperty Group Delivers a Record 67% Growth in Quarterly Cash Collections and Continued Positive Cash Flow
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 third quarter of 2015.
iProperty Group reported another record quarter with cash collections of A$8.6m, representing an increase of A$3.4m or 67% over the same quarter in 2014. Despite Q3 being typically the weakest cash collections quarter of the year due to seasonality, iProperty Group saw cash collections grow strongly in all markets.
The Group also managed to record positive net operating cash flow of A$0.5 million , it’s third consecutive operating cash flow positive period, and a positive cash flow of A$ 0.2 million.
This result was achieved even with prepayments for the 2016 property expos and unfavourable FX movements during the quarter.
Georg Chmiel, iProperty Group Managing Director and CEO said “Yet again, our continued strong cash flow is a reflection of the significant growth our businesses have been experiencing over the last several quarters. We are expecting to continue our exceptional growth trajectory through the remainder of 2015 as per our guidance.”
He continued, “ These results again underline the strength of iProperty Group as the market leader in South East Asia and the Hong Kong Region, where we are fast- growing, profitable and cash flow positive.”