Prime Television Records Strong Year End Result
23 August 2005
Prime Television New Zealand Records Strong Year End Result
Prime Television New Zealand today announced a strong result for the financial year ending June 30 2005. The result reflects growth in advertising revenues of 44.1% over the prior period. This enabled the company to record a year on year reduction in EBITDA and EBIT losses of 51.8% and 40.5% respectively.
The result contributed to an improved year on year result for the network’s parent company Prime Television Limited. The result lodged with the Australian Stock Exchange today, recorded that for the financial year ended June 30, 2005 the company posted a net profit after tax of $20.615m AUD, an increase of 27.1% compared with the prior year.
The result was struck after an increase in consolidated revenues of 11.0% and an increase in earnings before interest and tax (“EBIT”) of 12.9% compared to the prior year.
In commenting on the New Zealand operations result, Prime Television Chief Executive, Chris Taylor, said “I am very pleased Prime New Zealand has produced another significant reduction in operating losses for fiscal 2005. Prime remains committed to managing our path towards profitability, whilst building the networks profile and program base for the long term.”