May 7, 2020 / 9:43 PM / 24 days ago

BRIEF-Rea Group Posts Qtrly Revenue After Broker Commissions Of $199.8 Mln

May 8 (Reuters) - REA Group Ltd:

* QTRLY REVENUE AFTER BROKER COMMISSIONS $ 199.8 MILLION VERSUS $198.6 MILLION

* REA GROUP LTD IMPACTED DUE TO SOCIAL DISTANCING MEASURES, BUSINESS CLOSURES DUE TO COVID-19

* QTRLY EBITDA EXCLUDING SHARE OF LOSSES OF ASSOCIATES & JV $119.6 MILLION VERSUS $110.7 MILLION

* TO DATE THERE HAS BEEN NEGATIVE IMPACT ON RESIDENTIAL LISTINGS, WITH APRIL NATIONAL RESIDENTIAL LISTINGS DOWN 33%

* Q4 CORE OPERATING EXPENSES ARE EXPECTED TO BE ABOUT 20% LOWER ON PCP

* HAS CASH BALANCE OF $135 MILLION AS AT 30 APRIL 2020

* WORKING PROACTIVELY TO OFFSET PORTION OF ANTICIPATED REVENUE LOSSES BY IMPLEMENTING COST-SAVING INITIATIVES

* ENTERED ADDITIONAL $149 MILLION LOAN FACILITY WITH EXISTING BANKING SYNDICATE WHICH MATURES IN DEC 2021

* ALSO ARRANGED A $20 MILLION OVERDRAFT FACILITY WITH NAB

* FACILITIES IN PLACE IN CASE OF SIGNIFICANT AND PROLONGED MARKET DOWNTURN; NEITHER FACILITY EXPECTED TO BE DRAWN AT JUNE 30, 2020

* COST-SAVING INITIATIVES INCLUDE WORKFORCE PLANNING, LOWER MARKETING SPEND AND REVIEW OF ALL SUPPLIER ARRANGEMENTS Source text bit.ly/3duitPx Further company coverage:

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