Finance Finance News Nine posts big lift in half year profits

Nine posts big lift in half year profits

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Nine Entertainment Co has posted a 22 per cent lift in half year revenue to $802.7 million, in its first result since relisting on the stock exchange.

Nine Entertainment has reported net profit after tax of $31.7 million for the six months to December 31, 2013.

The company, which operates the Nine television network, Nine Digital and the Nine Events ticketing and venues business, listed on the Australian Securities Exchange in December 2013, after a public offering by its private capital owners.

On a pro-forma basis, accounting for changes to the company’s share structure during the listing process, half-year profit was $95.2 million, up from $77 million a year earlier and on track to beat the full year profit of $139.5 million forecast in the prospectus.

Nine Entertainment chief executive officer David Gyngell said he was pleased with the debut performance.

“Each of our businesses has performed well and we are making good progress integrating our newly acquired Adelaide, Perth and Mi9 operations,” Mr Gyngell said.

“Following a moderately stronger first half result than had been assumed in the prospectus full year forecast, the Company remains confident of delivering the prospectus forecast.