Property marketing company Domain Holdings Australia Ltd (ASX: DHG) – recently divested from Fairfax Media Limited (ASX: FXJ), which retains a 60% interest in the spin-off – made its first half year results announcement as a separately listed entity today, posting a $3.4 million statutory loss.
The spin-off dates back to mid-November, so the report includes pro-forma results that account for Domain's financial performance as if it had been a separately listed company for the current and previous corresponding period. Here are some key figures:
- Revenue up 12.5% to $183.3 million
- Expenses up 14.2% to $125.9 million
- EBITDA up 8.7% to $56.8 million
- NPAT down 8.1% from last year, but still positive at $24.7 million.
Domain endured a decline in revenue from print magazines and announced cost initiatives aimed at enhancing the efficiency of the print segment – deemed strategic in attracting high-value audiences.
However, revenue increased in Domain's digital operations, thanks to a solid performance of its listings portal's core business and a 91.5% growth in commissions accruing from new ventures in loan broking, insurance and utilities product comparison.
The results were positively received, with Domain and Fairfax shares climbing 3.83% and 2.79% respectively.
