Titan Parent, owner of auction platform Trade Me, plunged into the red in the last fiscal year amid a large amount of impairments.

Founded in 1999, Trade Me operates an online marketplace for property, motors, and jobs.

Accounts filed by the parent company show that its net loss for the year ended was $113 million for the year ended June, compared to a net profit of $9 million in the prior year. 

The company attributed the loss to goodwill impairments of $144 million associated with the Trade Me marketplace and other cash-generating units due to restrained short-term growth forecasts.

Revenue for the year rose 1.4 per cent to $375 million.

The financial statements noted that the company completed its 50 per cent investment in online news provider Stuff Digital on July 1, but did not reveal the transaction amount.

As part of the deal, Stuff’s property section became Trade Me Property branded, with listings, advertisements and some content shared across both platforms. 

The report also shows that Trade Me’s interest in Sharesies reduced from 13 per cent to 12.73 per cent as at the end of the fiscal year.