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Trade Me profit beats expectations

Thursday 21 Feb 2013 10:24 a.m.

Trade Me yesterday 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.

Chief executive Jon 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.

3 News / NZN

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