Financial statements filed by Trade Me’s parent company show loss despite climb in revenue.
Trade Me’s parent company has posted a net loss of $2.3 million for the financial year to the end of June despite revenue climbing by almost $50m when compared with 2020/21.
Titan Parent NZ’s loss for 2021/22 compares to a $4.3m profit in the previous fiscal year, financial statements filed to the Companies Office show.
Trade Me’s holding company showed the loss compared with a $4.3m profit in 2021. A year earlier, it posted a Covid-affected $59.6m loss.
Total revenue surged from $299.4m last year to $348.7m in 2022, while earnings before interest, tax and fair value and foreign-exchange movements rose from $107m to $116m over the same timescale.
The company’s classifieds business brought in $225.6m in revenue. This included $93.5m from motors, $83.9m from property and $48.2m from jobs. This segment of its business brought in $182.8m during the 2021 year.
Its marketplace segment saw revenue of $89.7m in the form of listing fees, “depth fees” and success fees. The “other” segment, which includes advertising, dating, payments, life and health insurance comparison, and general insurance, raked in $33.4m, reports NBR.
Keyword: Company posts net $2.3m loss