iProperty Group Ltd (ASX:IPP) Delivers a Record 50% Growth in Annual Cash Collections

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 last 4C for 2015.

iProperty Group reported record cash collections of A$32.3m, representing an increase of A$10.7m or 50% over 2014. This was achieved despite a worsening of the Malaysian Ringgit versus the Australian Dollar with Malaysian operations contributing more than 50% of the annual revenues and collections.

The Group also managed to achieve a positive net operating cash flow in it’s fourth consecutive operating cash flow positive period. This result is particularly good as iProperty incurred prepayments for the 2016 property expos, a weakening property market, unfavourable FX movements and expenditures relating to the IPP-REA merger (scheme) during the quarter.

Georg Chmiel, iProperty Group Managing Director and CEO said “Yet again, this result is a reflection of the significant growth our businesses have been experiencing over the last several quarters. We are looking forward to continuing the growth as part of the REA Group from February 2016 as soon as the scheme is approved.”