PHOTO: McGrath
Real estate agency McGrath has recorded a net loss for the second year in a row, blaming sliding property prices and a slump in the number of homes for sale.
The company’s net loss totalled $15.6 million in the 12 months to June 30 following a $63.1 million loss in the previous corresponding period and it said full-year revenue from ordinary activities fell 17 per cent to $82.7 million and it did not declare a final dividend.
“Market conditions and an evolving real estate industry structure have demanded that we adapt our business, reduce our cost base and move swiftly to right size for the conditions we are currently facing,” McGrath chief executive Geoff Lucas said.