iProperty Group Ltd (ASX: IPP) the owner of Asia’s No. 1 network of property portal sites under the iProperty brand in Malaysia, , Indonesia, Hong Kong, Macau and Singapore today announced its results for the first half of 2014.
Revenues for the first half year were $11.0m up 44% over the same period last year. EBITDA increased significantly by $3.2m to $30k versus the ($3.2m) EBITDA loss recorded in the previous comparable period.
This result was driven by strong revenue growth across the core business (growth rates are measured in local currency):
Subsequent to 30 June 2014, REA Group Limited (ASX: REA) announced the purchase of a 17.22% interest in the Group for total cash consideration of $106.3m. iProperty Group looks forward to the value that REA will be able to provide to the Company as the business work to find ways to come closer together.
iProperty Group CEO and Managing Director, Georg Chmiel, commented “I am thrilled that iProperty Group has recorded another record result for the first half of 2014. The Group is exceptionally well placed to build on this performance as the leading portal in our markets as we enter into the second half of the year. The Hong Kong business also achieving profitability is particularly exciting and further validation of our approach as Asia’s No.1 Online Property Group.”
SOURCE: iProperty Group Ltd.