ARN parent company HT&E reports a 82% fall in net profit and a $59m loss
The COVID-19 pandemic has continued to wreak havoc on the media industry’s financial results with Australian Radio Network (ARN) parent company Here, There & Everywhere (HT&E) posting a $59m loss and a fall in net profit after tax (NPAT) of 82% for the second half of the FY20 financial year.
Chairman Hamish McLennan said the company’s fundamentals were still strong and pointed to undrawn debt.
“The fundamentals remain strong with the underlying business making a profit for the half and maintaining an industry leading balance sheet with $90m of cash reserves and $251m of undrawn debt, providing HT&E with flexibility and alternatives for growth,” he said.
