Prime books small profit rise in tough market

By Duncan Craig | 30 August 2012

Regional broadcaster Prime Media Group has delivered a small rise in its annual earnings, after writing down the value of its radio assets and pointing to weak economic conditions across key markets.

The Seven Network affiliate said it booked a net profit after tax of $27.7 million, up 1.9% on the previous year, and said it was still very tough to predict if the television advertising market would bounce back.

It did forecast that television ad revenue growth in the first half of the new financial year would fall between zero and one percent.

“The soft trading environment in regional Queensland continues to be affected by a number of issues including the continuing impact of a high Australian dollar on tourism, and poor consumer and advertiser sentiment,” the broadcaster said.

Prime Media Group said its all-station audience share grew by 3.7 points in the calendar year of 2011, and achieved revenue share growth in the financial year of 2.8 share points, while the advertising market went backwards by 1.8%.

The company wrote down the value of its Queensland radio business by $5.3 million.

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