The stock price of iBuy Group (ASX:IBY), a company listed in the Australian Securities Exchange which runs ecommerce businesses in Southeast Asia, has sunk to an all-time low.
After its debut in the stock market in December 2013, iBuy stocks rose to almost A$0.70 in March before tumbling down to A$0.19 on October 3.
Founded by famed Malaysian internet entrepreneur Patrick Grove, iBuy raised A$37 million (US$33 million) after its IPO. In April, it bought the Southeast Asian businesses of loss-making daily deals company LivingSocial for US$18.5 million.
IBuy later announced its financial results for the six months ending on 30 June 2014. Yes, it recorded a net loss after tax of A$6.66 million (US$5.77 million) and a revenue of A$25.4 million (US$22 million). But it’s not all bleak considering its annual revenue and EBITDA for 2013 was A$38.5 million (US$33.4 million) and a negative A$739,000 (US$641,000). It’s also seeing year-on-year rises in transactions, subscribers, and average order values.
The portfolio companies of Catcha Group (iBuy is one of them), chaired by major shareholder Grove, has come under scrutiny lately for their financial results.
Digital News Asia reports that iCar Asia and iProperty have both suffered widening net losses, although their growing revenues give cause for optimism.
Tech in Asia is reaching out to Catcha Group for comments.
See more: LivingSocial quits Southeast Asia with $18.5 million sale of regional business to iBuy Group
Patrick Grove’s iBuy Group sinks to all-time low on Australian exchange
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