Prime Media reports net profit of $16.2m down 17.1% as regional TV revenues hammered
Regional broadcaster Prime Media has recorded a 17.1% decline in its net profit, this afternoon posting a half-yearly net profit of $16.2m.
Prime’s profit is down from $19.5m this time last year with revenues also down some 7.9% as the regional television market in Australia struggled.
The net profit was boosted by the sale of surplus property for $1.5m and the sale of a minority stake in Gearhouse Broadcast for $501,000, leaving a core net profit of $14.3m.
“The 2016 financial year, to date, has been very challenging,” said Ian Audsley, CEO of Prime Media.
