PERTH: West Australian Newspaper Holdings has recorded solid yearly profits of $79.9 million, up 24.2% on the previous year, driven by improved circulation and advertising revenue.
Speaking at the company's AGM yesterday (3 November) chairman Warwick Kent said all areas of business had shown improvement, but the primary driver of revenue and profit continued to be The West Australian.
In the three months to September WAN said total revenue for The West Australian rose 7.8% to $73.1 million.
Net advertising revenue grew by 9.9% to $54 million but circulation revenue fell 0.5% to $17.1 million.
Total classified advertising revenue was up 9.7% on the corresponding period last year – with employment up 24.2%, real estate up 7.5%, motors 3.9%, and others up 3.3%.
The Community Newspaper Group, 49.9% owned by WAN, also performed well and posted a 46% rise in after-tax profit over the prior corresponding period.
Kent reiterated that WAN had terminated discussions with the John Fairfax Group over a possible merger and that the company was looking into other commercial opportunities including the acquisition of regional radio assets.
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