REA has revealed a 22 per cent rise in first quarter revenues as premium advertising products continue to be popular with real estate agents and vendors.
Revenues amounted to $US121m ($A141m) for the three months ended September 30, with earnings before interest, taxes, depreciation, and amortisation up 31 per cent at $63m.
The dominant real estate listings portal has released top-line quarterly numbers as part of its disclosure obligations through majority shareholder News Corp.
Newly installed REA chief executive Tracey Fellows said the result was a “strong indication” the business was continuing to evolve, successfully launching new products and platforms to sell residential and commercial properties.
“The financial results are also pointing to the strength of our listing depth products which are delivering a solid return on investment for agents and their vendors,” she added.
In October, REA upped its shareholding in iProperty to 19.4 per cent, from 17.2 per cent, in a deal worth $15 million.
The move was widely expected after REA became a majority shareholder in the ASX-listed iProperty in July.
This came just one week after News entered the US real estate market with a takeover of listings business Move in a cash deal that values the company at US$950 million (AU$1.08 billion).
REA plans to hold a 20 per cent stake in Move, with 80 per cent held by News.