PHOTO: The REA Group Limited
The REA Group Limited (ASX: REA) share price is the worst performer on the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) index as management issued a profit warning with its half year results.
The REA share price crashed 4.7% to $74.27 in morning trade with the Beach Energy Ltd (ASX: BPT) share price, CYBG PLC/IDR UNRESTR (ASX: CYB) share price and Afterpay Touch Group Ltd (ASX: APT) share price following behind.
You can blame the slumping property market, upcoming elections and the Hayne Royal Commission for REA’s dour outlook even as the largest online real estate portal produced a 20% jump in interim net profit to $176.6 million, a 15% uplift to revenue to $469.2 million and a 17% increase in its first half dividend to 55 cents per share.
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