Pacific Star Network's recorded a profit before tax of $1.45 million, up 36.7% on the previous year, according to its annual report, released today.

The result was achieved through "tight cost management resulting in a 1.6% reduction in day to day operating costs over the period."

A strong EBITDA result of $1.87 million was achieved, up 19.1% on the comparative period (2013: $1.57 million). This result was at the top end of the earnings guidance of $1.6-$1.9 million.

Reduced operating costs have genereted a 62% profit rise for Pacific Star, the owner of SEN and MyMP in Melbourne.

The listed company has reported flat revenue of $7.7 million in its interim financial report, with profit from ordinary activities, before tax, up 62% to $785,000. Pacific Star paid a dividend of 0.7 cents per share. Operating costs were down 3.4%. Pacific Star also publishes sports magazines.

Chairman Andrew Moffatt reported to shareholders: