Trade Me beats IPO forecast on classified sales, smartphone apps

Tue, 21 Aug 2012

By Hannah Lynch Aug. 22 (BusinessDesk) - Trade Me, the online auction site spun off by Fairfax Media in December, beat its prospectus forecast for earnings on classified sales growth and the roll out of new smart phone applications. Profit rose 8.4 percent to $75.6 million in the 12 months ended June 30, the Wellington-based company said in a statement. Sales increased 13.8 percent to $142 million. Analysts had expected profit of $70 million on revenue of $146 million. Earnings before interest, tax, depreciation and amortisation increased 1...

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