Property software provider Onthehouse Holdings has posted a positive operating profit in the year to June 30, three months after offloading its online division including onthehouse.com.au, reports The Australian Financial Review.
The group posted a $3 million profit before tax, a far more favourable result than the loss of just under $10 million last year when it still owned its loss-making online arm.
The company, which supplied real estate marketing, backend software solutions and mobile applications to 3900 real estate agents, sold its online division to Corelogic in May for $3 million.
However the company's operating profit was down 40 percent versus last year's restated operating profit of $4.9 million after stripping out the online division's performance in restated profit numbers.
"The sale of the cash-burning online division business meant that Onthehouse could devote 100 percent of its strong cash flows and focus on growing the revenue and profitability of its Real Estate Software division," the company said in its financial statements.
"Considering the uncertainty of the past twelve months, financial outcomes have been solid as they have remained relatively stable."