Prime Media hit by 17.1% profit slump

Regional television operator Prime saw revenues fall by 7.7% to $239m and profits fall by 17.1% to $55m in the first half of this year, the company told the ASX media group

The company – which is mainly affiliated to Seven – also wrote down the value of its broadcast licences by $122.9, meaning that it made a statutory loss of $93.6m.

However, Prime told the market that its performance had improved during the current quarter, with the Olympics delivering more advertising revenues and bookings around AFL finals in September “encouraging”.

The switching of affiliations of Southern Cross Austereo and WIN between Ten and Nine had also allowed Prime to benefit from the disruption to its competitors, the company said.

The company said that its financial results for the current half year were “too difficult to forecast”.

In early trading, Prime’s share price rose by nearly 9%, giving it a market capitalisation of $114m.


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