This article is from the Australian Property Journal archive
Australia’s leading online real estate group realestate.com.au yesterday announced a gross profit of $5.4 million for the first half of the 2006 financial year — an increase of 56% over the previous half year.
After one-off costs are taken into account, including takeover defence costs and financing associated with a bridging loan, profit before tax and minority interests was $3.4 million.
This is an increase of 59% over the same period in the last financial year.
Overall net profit after tax and minority interests was $2.9 million.
The group saw $24.7 million in revenue –62% growth over the same period last financial year and an increase in paying subscribers to 9,348 as at the end of December 2005 – including 7,050 in Australia, 30 in New Zealand and 2,268 in the UK.
According to chief executive, Simon Baker realestate.com.au Ltd continues to lead the Australian online real estate advertising market and is progressively moving to the world stage with the launch of allrealestate.co.nz in New Zealand and its purchase of a controlling interest in propertyfinder.com in the UK.
“We now have nearly 10,000 agents advertising 630,000 properties for sale and for rent across four sites. These sites were visited by 4.3 million people in January,” Baker said.
“We believe that we have developed the skills and expertise to operate successfully in a number of countries.
“Over the next year we will hone our skills at managing an emerging global business while continuing to use the realestate.com.au site to drive innovation in our products and services for both advertisers and visitors to the site,” Baker added.
realestate.com.au Ltd continues to be on track to deliver its full year 2006 forecast of $51 million in revenues and $14 million in profit before tax and take over costs from our Australian and New Zealand operations. Including the investment in the UK and reporting on a consolidated basis, the full year 2006 consolidated forecast is likely to be $55 million in revenues and $12 million in profit before tax and take over costs and after adjustment for minority interests.
By Adam Parsons
