Nine’s revenue, profit, dividend tumble

Nine Entertainment has reported double-digit falls in earnings and profits and cut its dividend on the back of a challenging television advertising market.

Nine reported flat revenue of $2.69 billion for the last financial year, which was slightly below expectations. Net profit was down 25 per cent to $262.1 million while earnings before interest, taxation, depreciation and amortisation was off 16 per cent. In early trading Nine’s share price rose slightly.

Nine Chair Peter Costello and CEO Mike Sneesby in 2021

Chair Peter Costello said nine continued to solidify its position in the media market in Australia.