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The online real estate advertiser, REA Group, has recorded a sharp fall in annual profits, with net profits falling 95.8 per cent in the year to June 30.
Net profits fell from $22.24 million in 07/08 to $946,000 this year.
Revenue rose 25.6 per cent to $167.80 million which helped earnings before earnings, tax, depreciation and amortisation to expand by 34 per cent, excluding its UK operations.
During the year, REA sold its UK online operations and UAE operations, and closed smaller operations such as the UK print business and its residential site in New Zealand.
"We have made strategic decisions during the year to focus on the attractive markets where we can command a strong position,'' REA managing director and chief executive Greg Ellis said yesterday.
"Our core Australian business has delivered strong profitable growth and our Italian business has continued to develop in line with our expectations.”
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