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

How communications technology can raise the bar on customer service, employee experience
Partner Content
From capturing feedback early to providing messages with a higher rate of cut-through, ...
Advertisement

Related Stories

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

Apollo to divest large share of motorhome fleet to get Tourism Holdings merger over the line

In an effort to appease Australian and New Zealand regulator concer...

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

Dexus awards John Holland building contract in $2.1b Waterfront Brisbane project

After securing an $830 million contract from Dexus (ASX: DXS), Melb...

Atturra looks to become an IT powerhouse after acquiring MOQ for $15.5 million

Atturra looks to become an IT powerhouse after acquiring MOQ for $15.5 million

Atturra (ASX: ATA) is looking to become one of the nation&rsqu...

Body Fit Training questions latest trademark move from competitor F45

Body Fit Training questions latest trademark move from competitor F45

After claiming victory in a four-year legal stoush with fitness fra...