November 5, 2017 / 10:40 PM / 14 days ago

Australia's McGrath Ltd flags weak fiscal 2018 earnings

Nov 6 (Reuters) - Australian real estate agent McGrath Limited said on Monday it expected weaker fiscal 2018 earnings due to government policy changes around foreign buyers and developers, along with tightened lending requirements in the housing sector.

The company did not provide an estimate of its own but said it did not expect to meet the A$16.6 million ($12.70 million) core earnings target set by Bell Potter Securities because of a slowdown in its company-owned sales segment and lower listing volumes.

It said in a statement it was basing its forecast on a weak financial performance in the first four months of fiscal 2018. ($1 = 1.3075 Australian dollars) (Reporting by Aaron Saldanha in Bengaluru; Editing by Byron Kaye and Paul Simao)

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