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