Credit: Mohammad Hassan Taheri via Unsplash
Nine Entertainment reported a lift in profit in the half year to December, in a business now without real estate classifieds business Domain.
Net profit after tax before specific Items was up 30% to $95 million. Revenue was $1.14 billion, down 5%.
Total television revenue was down 14% to $508.2 million, impacted by comparison to last year’s broadcast of the Paris Olympics.
Streaming platform Stan was up 15% to $282.7 million. Publishing fell 2% to $262.2 million.
CEO Matt Stanton described the advertising market as soft.
However, he said Nine recorded growth from streaming platform Stan, the metro mastheads and the AFR, as well as a “resilient result” from total TV.
“Our business continues to be defined by strong audience reach and engagement, coupled with disciplined cost management,” he said.
“Over the past six months, there have been material strategic and operational achievements that will cement Nine’s path for the future.”
He said the calendar year had started on a positive note.
“We're seeing continued strength in the subscription markets and a more positive start in advertising - all underpinned by Nine's strong content slate,” he said.
“It's an important time for Nine, and one that is laying the foundations for our future growth.”
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