Prime sees modest profit lift
The Seven Network affiliate has posted a slight rise in full year net profit.
- Published by David Knox
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Regional media group Prime Media has posted a slight rise in full year net profit.
The Seven Network affiliate and Queensland radio station operator said net profit for the 12 months to June 30 came in at $27.7 million, up 1.9 per cent from the prior corresponding period. Sales rose by 6.4 per cent against the previous corresponding period to $273.5 million, above a forecast of $263.7 million. Earnings before interest, taxes, depreciation, and amortisation was up 10.3 per cent to $67.4 million, beating expectations of $62.1 million.
CEO Ian Audsley said the company’s television stations grew its audience and advertising revenue market share at the expense of Southern Cross Austereo.
“We are very confident that we can maintain our television audience and revenue performance, and principally see that coming at the expense of the TEN affiliate,” he said.
“This financial year to date, we are achieving our television revenue budget and costs are also in line with budget.”
The full-year result comes six months after Lachlan Murdoch sold his 8.87 per cent stake in the regional free-to-air television network for $22.1 million.
Source: NineMSN, The Australian