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BRIEF-REA Group Sees Q1 FY21 Core Operating Costs About 5-10% Lower

Published 07/08/2020, 07:41 am
Updated 07/08/2020, 07:42 am
© Reuters.
REA
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Aug 7 (Reuters) - REA Group Ltd REA.AX :

* Q1 FY21 CORE OPERATING COSTS ARE EXPECTED TO BE ABOUT 5-10% LOWER

* IN RESPONSE TO EFFECTS OF COVID-19 ON REAL ESTATE MARKET, GROUP DEFERRED PRICE INCREASES WHICH WERE DUE TO TAKE EFFECT ON 1 JULY

* WILL ONLY IMPLEMENT PRICE CHANGES IF SUSTAINED RESIDENTIAL MARKET RECOVERY IS EVIDENT

* LATEST COVID-19 RESTRICTIONS IN MELBOURNE LIKELY TO CAUSE SIGNIFICANT SHORT-TERM WEAKNESS IN LISTING VOLUMES FOR DURATION OF LOCKDOWN

* UNDER COMMERCIAL DEVELOPER BUSINESS, NEW PROJECT COMMENCEMENTS EXPECTED TO CONTINUE TO DECLINE UNTIL Q4 FY21 IN AUSTRALIA

* WEAKNESS IN LISTING VOLUMES DUE TO RESTRICTIONS IN MELBOURNE LIKELY TO CONTRIBUTE TO ADVERSE IMPACTS ON REVENUE IN Q1 FY21

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