Nine Entertainment Co will pay a final dividend of 5.5 cents per share after reporting a 43 per cent climb in earnings to $565 million before specific items.
Revenue for the $5.1 billion media company climbed 8 per cent to $2.3 billion and the company swung to a net profit after tax of $183 million. A specific item cost of $109 million was reported in the period, which was largely made up of a $62 million write-down of Nine’s radio division, which includes 2GB and 3AW.
Nine owns The Sydney Morning Herald and The Age, a television network, radio network, streaming service, Stan and has a controlling stake in digital-real-estate website, Domain.
Nine chief executive Mike Sneesby said the company had been able to execute its long-term strategy despite economic factors caused by COVID-19.
“Our Television and Publishing businesses have both reached critical inflexion points,” Mr Sneesby said. “With the foundation of Nine’s unique assets, strong cash flows and a supportive Board, we have a clear vision for the future as Australia’s media company.”
More to come