REA Group 1HFY19 update: growth in a challenging environment

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REA Group 1HFY19 update: growth in a challenging environment

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REA Group 1HFY19 update: growth in a challenging environment
On 8th February 2019, REA Group reported its 1HFY19 earnings. Some of the key highlights from the announcement include:
  • Revenue of A$469.2mn up 15% from 1HFY18.
  • Operating EBITDA of A$289.1mn up 19% over 1HFY18.
  • Net Profit (excluding extraordinary items) after Tax of A$176.6mn up 20% over 1HFY18.
  • EPS, excluding extraordinary items of 134.1 cents, up 20% over 1HFY18.
  • Non-cash impairment charges of A$173.2mn relating to the Asia business which resulted in the Net Profit (including extraordinary items) drop 98% to A$2.3mn
  • Interim dividend of 55.0 cents a share, up 17%.
Core Australian business continues to drive earnings and revenue growth in spite of a tough macro environment but a write-down in the Asia business impacted earnings for 1HFY19.