Regional News

Domain Holdings experiences a 120 percent drop in full-year profit

By Editor 0 Comments NEWS, Regional News

Australian real estate listings company Domain Holdings has reported a $6.2 million loss in the 2017-18 financial year, which is a significant drop from the $23.5 million net profit it posted in the prior year, that's a 120 percent drop in full-year profit.

Domain's loss was affected by a write-down of $29.6 million, predominantly related to its print and transactions segments.

The write-downs include Domain's, re-branding of The Weekly Review print titles to Domain Review, along with the company's decision to "exit" from its 50 percent investment in Beevo — a small company which connects utilities for small to medium-sized businesses, and $12.3 million write-down of Oneflare — an online marketplace for tradies like electricians and plumbers to list their services — due to the "deterioration" of its value.

Print revenue fell 13 percent, due to ongoing structural shifts to digital advertising, Domain said in its annual report.

Its print business includes Domain's magazines and listings published in newspapers like The Sydney Morning Herald, The Age, and the Australian Financial Review.

Domain's transactions division include stakes in:

  • Compare & Connect, its residential utilities product comparison service (50pc),
  • Domain Loan Finder, its home loan broking joint venture (60pc), and
  • Domain Insure, its insurance services joint venture (70pc).

In addition, there was $4.6 million worth of restructuring and redundancy costs.

Read more here.

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