IPGA widens losses to $1.3m in 2009

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.