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Real estate portal 99acres narrows losses in Q4
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Property portal 99acres.com has shrunk its losses in the quarter through March from the previous three months while growing its revenue.
The portal, operated by Info Edge (India) Ltd, posted a pre-tax loss of Rs 13.37 crore for the fourth quarter of 2015-16 from a loss of Rs 21.28 crore in the third quarter. Revenue rose 22% sequentially to Rs 31.67 crore in the January-March period from Rs 25.92 crore in the quarter through December 2015.
The portal had narrowed its loss in December quarter as well, from Rs 27.21 crore in the July-September period.
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For the full financial year 2015-16, the portal reported a pre-tax loss of Rs 98 crore on revenue of Rs 110.6 crore. This compares with a pre-tax loss of Rs 37.45 crore in 2014-15 on revenue of Rs 100.4 crore, according to the company's annual report.
The company said the real estate market has been sluggish for the past eight quarters and that has caused a slowdown in revenue growth.
99acreas competes with a slew of sites including MagicBricks, CommonFloor, Housing.com and PropTiger. News Corp, the parent of this news website, has a significant minority stake in PropTiger. In January 2016, classifieds site Quikr agreed to acquire CommonFloor. Housing.com is backed by Japan's SoftBank while MagicBricks is part of media house Times Group.
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Mumbai-listed Info Edge also operates a string of other Internet properties such as hiring portal Naukri.com, matrimonial site Jeevansathi.com and education services site Shiksha.com. Besides, it owns a majority stake in restaurant discovery platform Zomato.com. (Click here for more on the financial results of Info Edge and Zomato.)
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