Property website operator IPGA Limited (ASX:IPP) widened its losses by 143% to $1.3 million in 2009, the company revealed today.
Revenue fell by a much more modest 2% to $4 million, but ebitda losses grew 210.5% to $1.3 million.
CEO Shaun Di Gregorio said the increased losses were primarily down to expansionary spending in Malaysia, Hong Kong and Singapore, and a $250,000 impairment charge from investments in India.
Chairman Simon Baker added that IPGA is “in a strong position in its core markets,” and well-placed for further growth.
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