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Matthew Sullivan
REA Group, owner of realestate.com.au and realcommercial.com.au, has reported a 37 per cent increase in net profit for the financial year to June 30, with real estate agents contributing just over three quarters of total revenue.
The company closed off the year with $67.5 million in net profit, an increase of $18.139 million on FY10 results.
Greg Ellis, chief executive of REA Group, said the results reflect of the company’s growth in various fields including commercial real estate, as well as improved service offerings to consumers.
“Over the past three years, REA has invested $70 million in new technology, customer products and enhancements to the consumer experience,” Mr Ellis said.
“We are also expanding our consumer and mobile capabilities to ensure we are at the leading-edge of social media developments.”
Traffic across all its Australian sites increased to 9.2 million unique browsers in May 2011, up from 6.7 million in May 2010, the company said.
REA’s flagship brand realestate.com.au continues to represent a significant part of the Australian operations, contributing 65 per cent of its revenue.
“I would like to thank the agents and advertisers who partner with us and assure them we remain focused on their business success,” Mr Ellis concluded.
