Shares of Australia’s Pexa Group on Friday were poised for their biggest weekly decline since last September after the online property company posted a lower-than-expected annual profit.
Pexa’s shares fell as much as 11 per cent to their lowest level since June 20, 2022, and are on track for the worst session, if losses hold.
The company’s net profit after tax attributable for the year ended June 30 came in at A$17.6 million ($11.29 million), below UBS estimate of A$43.3 million.
The group posted a net loss from ordinary activities after tax attributable of A$21.8 million, as opposed to a profit of A$21.9 million in the year-ago period.
Profit was dented by high prices, challenges in property markets and a decline in the group’s transaction volumes, which receded from the record highs seen last year, the company said in a statement.
“FY23 was a highly challenging year for property markets,” Group Managing Director and CEO Glenn King said.
Pexa, which is a digital property exchange platform, still expects to deliver strong cashflow and operating EBITDA margins in a consistent 50 per cent-55 per cent range through fiscal 2024.
The group’s annual business revenue was A$283.4 million for 2023 fiscal, compared with A$279.8 million a year ago.
($1 = 1.5593 Australian dollars)