PHOTO: Domain
Domain has slumped to a $156.4 million first-half after Sydney and Melbourne’s stumbling property markets forced a large impairment due to a drop in listings.
The real estate classifieds business made a $178.8 million non-cash goodwill impairment after lower listing volumes that meant that, even stripping out the one-off hit, profit for the six months to December 30 dropped 14.2 per cent.
Domain – which lost $6.2 million in the last full financial year – said listing volumes had continued to fall in the first six weeks of the second half, and that the late timing of Easter would affect the autumn selling season.
PRESS RELEASE – AUSTRALIAN ASSOCIATED PRESS