The Domain Holdings Australia Ltd (ASX: DHG) share price dropped 7.5% after making an ASX announcement.
Domain is the business behind one of Australia’s largest property portals, Domain.com.au, which allows property sellers to try to advertise to as many potential buyers as possible. Some of the other real estate websites it operates includes Allhomes.com.au and Commercialrealestate.com.au.
Why The Domain Share Price Declined Today
In Domain’s FY19 March quarter it saw digital revenue in line with the prior corresponding period, however total revenue was down around 6%.
The March 2019 quarter saw total new market listings down nationally with auction volumes down 30% in Sydney and 36% in Melbourne.
Domain continued deliver double digit growth in the ‘Residential Digital’ yield, which was offset by the impact of a 13% decline in sales listing.
In FY19 Domain’s underlying costs (excluding investment in new ‘Consumer Solutions’ businesses) are expected to be down low to mid-single digits against last year, but total costs are expected to increase by low single digits.
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