Domain’s Profits Fall 30% As Property Sales Plummet
Domain has posted a net loss in excess of $137m for the past financial year.
This represents almost a 30 per cent drop, with the company blaming falling property sales for the losses.
“For FY19 Domain delivered a solid performance in the context of the challenging year faced by the Australian property market,” said CEO Jason Pellegrino.
“To put this into perspective, property sales as a percentage of Australia’s dwelling stock are at their lowest point in more than 20 years.”
The past financial year, which also marked Pellegrino’s first full year at the helm, saw revenue down 6.1 per cent to $335.6m and a statutory net loss of $137.6m.
Media, Developers & Commercial revenue declined 12.9 per cent.
Domain’s major competitor REA Group recently posted an eight per cent revenue increase for the past financial year and a six per cent lift in net profit.
Despite the worrying results, Domain seems confident its relationship with media powerhouse Nine holds it in good stead.
Pellegrino said Domain is at parity with its “major competitor” (REA Group) when it comes to listings, while it has “a cross-platform audience of around 7 million, which is around 70 per cent the size of our major competitor”.
“Our relationship with Nine provides further opportunities to expand Domain’s audience reach and engagement,” Pellegrino said.
“We’ve made significant progress since the merger of Fairfax Media with Nine was completed in December 2018.”
He described market analysis sections on Today Show, Nine News and A Current Affair as “reinforcing Domain’s property expertise” and announced the company would be launching its own Your Domain show next month.
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