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.
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.
"FY23 was a highly challenging year for property markets," Group Managing Director and CEO Glenn King said.
The group's annual business revenue was A$283.4 million for 2023 fiscal, compared with A$279.8 million a year ago.
Persons:
Glenn King, Poonam Behura, Sherry Jacob, Phillips
Organizations:
UBS, Thomson