Online real estate classifieds company the REA Group (ASX:REA) reported a 14 per cent drop in earnings before interest, tax, depreciation and amortisation (EBITDA) to $114.9 million for the first quarter ending September. 30th.
The Group’s result was delivered in a challenging market with declines in new residential listing volumes and new project commencements.
National listings declined 15 per cent over the three month period, including listing declines of 22 per cent in Sydney and 21 per cent in Melbourne.
Shares in the REA Group (ASX:REA) are trading 3.48 per cent lower at $102.99.