Consolidated Media Holdings has posted a 7% drop in its reported net profit after tax, citing a challenging retail environment and economic uncertainty.
For the six months to 31 December 2011, the company's revenues also fell 42.7% to $2.7 billion.
The group's executive chairman, John Alexander, said, “The retail environment continues to be extremely challenging, and the trends we saw last year in respect of subdued consumer spending and general negative sentiment were present again this half.”
The company has a 25% share in Foxtel, and a 50% share in Premier Media Group. Foxtel's revenue for the period was up 2% to $1.1 billion, with subscriber revenue up 5%.
Premier Media Group's total revenue was up 7%, while subscriber revenue was up 8%.
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