Seven Group Holdings announces lift in profits
Kerry Stokes’ investment in iron ore and coal have paid off with the businesses driving a 39 per cent lift in profit.
His Seven Group Holdings today announced it had scored a net profit – after tax – of $235.1 million f0r the last six months of last year, depsite his media interests doing less well.
The mining and media company owns interests in WesTrac Cat, Channel Seven, Pacific Magazines, the West Australian newspaper and a share of Yahoo!7.
Earnings before interest, taxes, depreciation, and amortisation grew by 41 per cent after a 38 per cent increase in total revenue. revenue by almost 43 per cent to $2.607b. WesTrac Cat overall rose by 63 per cent to $275.4m.
The boss of Seven Group Holdings Peter Gammell said: “Strong operational cashflow and the sale of our investment in Consolidated Media Holdings brought down debt to low levels,” the company’s CEO said. CMHh owned a 25% share of Foxtel and 50% of Fox Sports before selling to News Limited last year. The major owner of CMH was James Packer.
“This combined with the performance of the listed portfolio and the recovery in Seven West Media’s share price means that SGH has a very strong balance sheet for the future.
It contrasted last week’s announcement by Seven West Media – of which the Seven Group has a 33 per cent ownership of – that it posted a $109m loss for the first half of the financial year.
That was due to write-downs in its digital media and magazine operations.
