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Publishing And Broadcasting Boosted by Oz Ad Surge

News, 07 March 2003

Interim results from Australian media group Publishing and Broadcasting provide further evidence that the nation’s ad market is recovering.

P&L reported a 17.2% year-on-year jump in net profits to A$188 million ($116m; €105m; £72m) for the six months to December. Such growth was largely due to its magazine division, where EBITDA (earnings before interest, tax, depreciation and amortization) surged by 49.5% to A$85.5m on a 23.2% increase in ad revenues.

This follows news of a rebound in advertising at Australian newspaper company John Fairfax Holdings [WAMN: 14-Feb-03].

P&L, which is controlled by the Packer family, owns Australian Consolidated Press and TV station Channel Nine. The latter, however, could not match the magazine unit’s growth, posting a 3.7% fall in earnings to A$126m as sports coverage costs increased 6.4%.

Data sourced from: Financial Times; additional content by WARC staff