AUSTRALIA'S REALESTATE.COM.AU POSTS 48.3% JUMP IN ANNUAL PROFIT

SYDNEY, Aug 25, 2008 (AsiaPulse via COMTEX) -- RLESF | Quote | Chart | News | PowerRating -- Online property advertising company Realestate.com.au Ltd (ASX:REA) has lifted its annual profit by 48.3 per cent and says it continues to look for opportunities to enter new markets.

Net profit for the year ended June 30 was $A22.34 million ($US19.35 million), up from $15.06 million in the previous 12 months.

Revenue rose 45 per cent to $155.6 million, while earnings before interest, tax, depreciation and amortisation was $36.6 million, up 56 per cent.

"These results demonstrate our success at building a business that provides information to real estate consumers and vital business leads to agents, especially in Australia," chef executive Georg Chmiel said.

"In the coming year we will maintain our focus on the fundamentals - signing up new agent customers and driving leads from our user base to them.

"We aim to sustain our growth in Australia and abroad, and we will keep looking for attractive opportunities to enter new markets."

During 20007/08, the company had spent $23.4 million on acquisitions in the UK, United Arab Emirates, Hong Kong and other countries.

Realestate.com.au said its monthly readership figures, as measured in unique browers, on its web portals rose 15 per cent to 8.2 million in the year.

The total number of subscribing real estate agents increased by 32 per cent to 22,478.

"This increase of 5,467 agents is larger than the entire customer base just four years ago," the company said.

The Australian operation generated revenue of $120.7 million in the year, equating to 78 per cent of the group's total revenue.

Its investments in the UK and Italy also performed well, with revenue of $34.9 million, up from $22.1 million in the previous year.

Most of that came from the UK, where revenue rose 23 per cent to $22 million.

"The UK business has attained a clear position as the number two player in its market by unique browsers," realestate.com.au said.

The company did not declare a final dividend.

(AAP)

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