A WEAK MARKET IN ASIA FAILS TO DAMPEN REA GROUP 2017 RESULTS

A WEAK MARKET IN ASIA FAILS TO DAMPEN REA GROUP 2017 RESULTS

REA GROUP (ASX: REA) has reported a strong net profit of $228.3 million for the year ending 30 June 2017 despite weaker conditions in the Asian market.

Financial highlights for the Melbourne-based property group include strong revenue growth of 16 per cent to $671.2 million, and an earnings increase of 16 per cent to $380.9 million.

The group's profit was hit with a $180 million impairment charge because of weak market conditions in Asia.

REA Group declared a final dividend of 51 cents per share, representing a total dividend of 91 cents per share for the 2017 financial year up 12 per cent from 2016.

REA Group CEO, Tracey Fellows (pictured), says these results solidify their position as the Australian market leader.

"In Australia, we have extended our position as the clear market leader, with our audience growth reaching record highs against our nearest competitor," says Fellows.

"Globally, we remain focussed on Asia and our investment in the US with Move, as an important part of our long term growth strategy."

REA's operating expenditure grew by 20 per cent this year, due to the inclusion of their new online house search website iProperty.

The Melbourne company also manages realestate.com.au, which maintained its position as the number one property site in Australia.

Business News Australia

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Employee resilience is key to business resilience
Partner Content
Employee mental health and wellbeing is top of mind for Australian businesses, and or...
Aon
Advertisement

Related Stories

Myer secures lease on new Victorian distribution centre

Myer secures lease on new Victorian distribution centre

Department store icon Myer (ASX: MYR) has today announced a ...

Daniel Andrews calls for "ring of steel" around Sydney as Victoria records 14 new cases

Daniel Andrews calls for "ring of steel" around Sydney as Victoria records 14 new cases

After Gladys Berejiklian today declared the COVID-19 situation in...

NZ to suspend Australian quarantine-free travel for eight weeks

NZ to suspend Australian quarantine-free travel for eight weeks

The worsening COVID-19 situation in NSW with transmission into ot...

TGA grants provisional approval of Pfizer COVID-19 jab for those aged as young as 12

TGA grants provisional approval of Pfizer COVID-19 jab for those aged as young as 12

The Therapeutic Goods Administration (TGA) has provisionally appr...