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Simon Parker
REA Group Limited, the owner of realestate.com.au, has reported a rise in earnings in the first quarter of the 2013 financial year.
"REA Group’s double-digit growth in the first quarter is the result of our commitment to delivering outstanding return on investment to our real estate agent customers, and the best user experience for consumers,” said Greg Ellis, REA Group CEO and managing director.
In the quarter to 30 September 2012, REA Group reported earnings before interest, tax, depreciation and amortization of AUD$33.7 million, an increase of 28 per cent on the same period last year.
Revenue grew by 17 per cent to AUD$77.7 million, which the company said was driven by continued take-up of value-add products across Australia.
The latest performance figures come after a strong 2012 for the company, despite a fall in the number of real estate agencies subscribing to the listing website.
The result also follows news that, as a result of the proposed separation of News Corporation into two independent publicly traded companies, the majority shareholding in REA Group held by News Corporation’s subsidiary, News Limited, will be owned by the new company (which is referred to as New News Corporation) to be created in the separation.
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