Delivers Another Record Quarter of Cash Collections and Continuing Positive Operating Cash Flow
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."
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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.
iProperty Group Ltd