Agency expanding after making a loss

The Sydney Morning Herald reports that the real estate agency McGrath, that has concentrated on prestige Sydney suburbs, reported an annual pre-tax loss of $4.8M in their latest lodged accounts. However they are confident they will make a profit in 2009 and are planning to expand into Western Australia. McGrath sold their share in REA Group, owners of http://www.realestate.com.au/, for $14.4M.