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Investing.com-- Shares in REA Group (ASX:REA) jumped to over a five-month high on Wednesday after the Australian property listings giant posted a 23% rise in annual profit on strong demand for digital advertising and residential property services.
The company reported core net profit after tax of A$564 million ($365.3 million) for the year ended June 30, up from A$461 million a year earlier.
Revenue rose 15% to A$1.67 billion, driven by higher listing yields and increased buyer activity amid easing interest rates.
Sydney-listed shares of the company rose as much as 9.7% to A$261.05 as of 01:34 GMT.
"Buyer activity increased during the year, with the first interest rate cuts in four years accelerating enquiries delivered to our customers to a three-year high in the last quarter," CEO Owen Wilson said in a statement.
The company’s flagship site, realestate.com.au, strengthened its dominance, attracting 12.1 million monthly visitors and delivering a 55% surge in seller leads.
The company declared a final dividend of A$1.38 per share, up 35% compared to last year.