A couple of points. First, a lot of the revenue decrease at...

A couple of points.

First, a lot of the revenue decrease at Zameen is due to currency changes. Pakistan's economy has been so bad (almost defaulting) that it's currency has depreciated quite a bit. Considering how bad things are in Pakistan, Zameen has actually held up ok. Obviously it helps that the currency depreciation also reduces costs. Pakistan seems to have stabilised somewhat in the past 12 months or so, and sooner or later will probably improve (maybe). Zameen will likely remain the dominant property website there.

Secondly, FDV only owns 30% of Zameen. This means that they use equity accounting for Zameen. Therefore Zameen's revenue is not included in "statutory revenue". Zameen is recorded as an asset on the balance sheet and only it's share of profit or loss makes it's way to the FDV income statement. Unfortunately FDV is guilty (like many companies) of selective reporting. So you can expect lots of mention of "statutory revenue" when Zameen is doing badly and a shift to emphasizing "total revenue" when Zameen is doing well.