Australia's Pexa set for biggest weekly loss in 11 months on annual profit miss

PEXA

25/08/2023 02:41

By Poonam Behura
       Aug 25 (Reuters) - Shares of Australia's Pexa Group
 PXA.AX  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% 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%-55% 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)

 (Reporting by Poonam Behura; Editing by Sherry Jacob-Phillips)
 ((Poonam.Behura@thomsonreuters.com;))