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

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