PropNex earnings drop 13.8% to $19m in H1 2024

There were fewer private resale launches during the period.

PropNex reported $19m in earnings for the first half of 2024, down 13.8% year-on-year (YoY) from $22m a year ago.

Revenue for the period was $345.5m decreasing 5.1% YoY from $364.2m in H1 2023, partially offset by the 27% growth in the project marketing segment to $91.3m.

Gross profit also declined 6.5% YoY to $33.4m from $35.7m in H1 2023.

In addition, private resale launches were down 5.7% YoY compared to 2023, whilst new launches increased 7.6% YoY.

The company declared an interim dividend of $0.0225 per share.