iProperty Group Delivers Another Record Quarter of Cash Collections and Continuing Positive Operating 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 second quarter of 2015.
iProperty Group reported another record quarter representing the highest collections ever recorded of A$ 8.85 million, an increase of 48% over the prior corresponding period and an increase of approximately A$ 1.4 million over the first quarter of 2015. Collections were up in every country of operation.
The Group managed to record a strong positive net operating cash flow of A$ 0.65 million for the quarter, despite the introduction of the GST in Malaysia, which had a one off effect on net operating cash flow, reducing it by A$ 0.13 million.
Georg Chmiel, iProperty Group Managing Director and CEO said “The 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 and to deliver on the upgraded guidance we released on 19 June 2015.”
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.”