August 19, 2014 / 8:37 PM / in 3 years

NZ's Trade Me full-year profit rises

WELLINGTON, Aug 20 (Reuters) - New Zealand online trading company Trade Me Ltd on Wednesday reported a 2 percent rise in full-year profit due to higher sales and said it expected a further increase in the year ahead.

The company reported a record profit of $NZ80.1 million ($67.48 million) in the year to June 30, from NZ$78.6 million a year earlier. Analysts on average were forecasting a profit of around NZ$79.0 million.

It declared a dividend of 8.4 cents per share against 8.3 cents last year.

The Trade Me online auction site is New Zealand’s most visited website, and the company has been expanding into job advertisements and property, auto and insurance sales, although the pace of its growth has slowed due to growing competition.

1 US dollar = 1.1869 New Zealand dollar Reporting by Naomi Tajitsu

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