Packer's TV network records 16.4pc gain
NINE Network Australia, the television arm of financier Kerry Packer's investment empire, said profit in the year ended June 30 rose 16.4 per cent, despite losing advertising revenue from last year's Barcelona Olympic Games to rival Seven Network.
Nine Network posted a net profit of A$70.4 million (about HK$352.98 million) for the year, on a 6.6 per cent lift in sales revenue to $554 million.
The company said advertising sales were still buoyant and that had encouraged directors to expect growth in the current year.
Its positive outlook and the slightly higher-than-expected result combined to lift the group's share price 22 cents to $4.15.
The lift in revenue was achieved in a difficult market, compounded by the Seven Network having the Summer Olympic Games and a government regulation which reduced prime advertising time, Nine Network said.
Nine Network dominated Australian television ratings in the year, winning 38 out of 40 official ratings weeks in the nation's most populated city, Sydney. It lost ratings dominance only during the Olympics.
The company declared a final dividend of seven cents, taking the full-year payout to 14 cents.
