News

Nine Entertainment Reports 39% Decline in Annual Profit

1 Mins read

Australia’s media conglomerate, Nine Entertainment, has announced a significant drop in its annual profit, leading to a reduction in dividends and concerns about the advertising market.

Nine Entertainment, listed on the ASX, has reported a net profit of AUD 181.8 million for the twelve months ending June. This represents a sharp decline from the AUD 297.1 million profit recorded in the previous year. While revenue remained stagnant at AUD 2.70 billion, a 7% increase in broadcast costs negatively impacted the bottom line.

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding one-off items, stood at AUD 591.2 million, consistent with its guidance range of AUD 590 million to AUD 600 million provided in May.

In light of the weaker financial performance, Nine Entertainment’s directors have decided to reduce the final dividend to 5.0 Australian cents per share, down from 5.5 Australian cents in the previous year.

When non-controlling interests and one-off items are taken into account, Nine Entertainment reported a net profit of AUD 279.0 million. This figure exceeded the average analyst forecast of AUD 267 million, based on revenue of AUD 2.72 billion.

Despite the challenging advertising market conditions persisting into early fiscal 2024, Nine Entertainment remains confident that its business segments are outperforming the wider industry. The company expects to continue outperforming the broader ad market over the course of fiscal 2024 while gaining additional market share.

Related posts
InvestingNewsReviewsUncategorized

Top 5 Review Platforms

1 Mins read
1. Riskmoment 2. InvestReview 3. TopRankedReviews 4. Reddit 5. Infortix Best Forex Trading Robots For 2022
News

Nigerian Lawmaker Sues Binance Exec Tigran Gambaryan for ₦1 Billion Over Bribery Allegation | Blockchain Binance | CryptoRank.io

2 Mins read
Nigeria’s House of Representatives member Philip Agbese has filed a ₦1 billion defamation lawsuit against Tigran Gambaryan, an executive at Binance, over…
News

Trump meme launches Presidents' Day airdrop for official product buyers

2 Mins read
The $Trump token was the first of its kind and is now described as one of the biggest crypto onboarding events in…

Leave a Reply

Your email address will not be published. Required fields are marked *