Exactly right, the market cap is still way too high for a business making a loss first half of this year.
If real estate agencies can't make money (or develop a sustainable business model) during the past few years when property has been at its peak, then unfortunately it won't get easier as volumes and commissions dry up.
Top tier management jumping ship is a sign of how dire the forecasts must be looking.
Ann: Earnings guidance and key organisational changes, page-10
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