Shares of PropNex (OYY.SI) plummeted 3.17% in intraday trading on Thursday, after the real estate agency reported a decline in half-year profit.

The company's net attributable profit for the first half of 2026 fell 3.1% year-on-year to SGD 40.94 million, even as revenue edged up 0.7% to SGD 603.02 million. The profit erosion was driven by a 7.8% drop in commission income from project marketing services to SGD 238.4 million, reflecting fewer new launches. Higher bad debts written off during the period also contributed to the weaker bottom line.

Commission income from agency services grew 6.9% to SGD 360.5 million, and the group maintained its interim dividend at 5 Singapore cents per share. Management offered a cautiously optimistic outlook, projecting private home prices to rise 3% to 4% in 2026 with developer sales of around 9,000 units.