SYDNEY--REA Group Ltd. (REA.AU), Australia's largest online
real-estate classifieds company, Friday said acquisitions and ad
upgrades by agents helped drive a 37% rise in its annual net
profit.
The company posted a net profit for the year through June of
149.9 million Australian dollars (US$138.9 million), or A$149.7
million excluding non-controlling interests. A 30% increase in
revenue was buoyed by acquisitions, which included an Australian
rental application form business, and the November launch of
Chinese-language property site myfun.com.
Revenue at the company's Australian operations also jumped 30%
after a fall in subscription revenue was offset by increased sales
of listing depth products, which allow agents to pay more to
enhance and highlight individual property listings. REA also
operates real-estate sites in Italy, Luxembourg and regional
France.
It declared a final dividend of 35 Australian cents per share,
up from 25.5 Australian cents in the corresponding period a year
earlier.
REA Group is 62%-owned by News Corp (NWS), which owns and
publishes The Wall Street Journal and Dow Jones Newswires.
Write to Ross Kelly at ross.kelly@wsj.com
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