REA Group Ltd
(ASX:REA) has released its first quarter results for this financial year.
The digital advertising business, which specialises in property, reported that its September quarter revenue was $170 million. This is a 16% increase compared to the same period last year.
The company also says its quarterly revenue grew by 9% to $90 million.
REA Group says its strong revenue result takes into account its iProperty revenue (which was not part of its revenue figures in the previous corresponding period), as well as a 14% increase in its residential business.
The company says it experienced revenue growth despite an 8% decline in listing volumes – due to the uncertainty surrounding the July federal election and “lack of stock” deterring potential property sellers from entering the market.
REA Group posted a net profit of $253.3 million at 30 June 2016.
