Trade Me, the online auction site spun out of Fairfax Media in 2011, is in the market for more acquisitions and may extend its $200 million bank loan. The Wellington-based company made three purchases last year - the holidayhomes.co.nz directory site, Tradevine inventory management tool and Autobase classifieds site - and plans to keep doing so. Chief executive Jon Macdonald said the company is seeking new growth opportunities and "we'll likely augment our portfolio with judicious investments over the coming years". He told analysts there were "clear opportunities in the classifieds business". "It's quite nice to have three smallish acquisitions under our belt, and we're going to continue to grow our muscle in this space," he said. The online auction site held $36 million in cash and a $200m loan facility, which chief financial officer Jonathan Klouwens said Trade Me was looking at extending. Mr Macdonald said Trade Me has expanded its mobile team and built a suite of applications with a third of visits coming on mobile devices - twice the number a year earlier. It announced a 2.7 percent increase in profit to $37.4m in the six months ended December 31. That beat the revised forecast from its initial public offer of $34.8m. Earnings before interest, tax, depreciation, amortisation and depreciation climbed 14 percent to $59.2m, and revenue gained 18 percent to $80.4m. Mr Macdonald said the company was comfortable with analysts' forecasts for annual earnings, with trading in the last six weeks consistent with the first half. Trade Me is expected to post net profit of $77.5m on sales of $163.9m, based on the median forecasts compiled by Reuters. Trade Me's board declared an interim dividend of 7.5 cents per share.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor