Pacific Star Network has reported a profit increase of 29.5% in it’s Preliminary Final Report for the year ending 30 June, 2014 resulting in a full year dividend of 1.6 cents.
The ASX listed media company owns two Melbourne AM commercial broadcasting licenses and broadcasts 24/7 on 1377 MyMP and 1116 SEN and has recently aquired the Inside Football Magazine.
PNW also operates 2 digital only radio stations, AUSSIE, all Australian all the time, and KOOOL, songs from the 70s and 80s.
1116 SEN Sports Entertainment Network broadcasts sports radio throughout the Melbourne metropolitan area, dealing with the issues of today 24 hours a day, including the live broadcast of the AFL including 6 games every week.
Profit before tax was up 36.7% to $1.45 million for the financial year. This result was achieved through tight cost management resulting in a 1.6% reduction in day to day operating costs over the period.
The Melbourne metropolitan broadcast advertising market grew 1.7% to $211 million for the 2013-14 financial year and the radio stations continued to maintain a 6.5% share of this market (2013: 6.5%).
The company has launched a three year capital expenditure program to invest over $1.0 million in upgrading, maintaining and protecting key infrastructure assets including transmitters, websites, process improvements, cloud based solutions and contingency planning.
Operating Results
The company showed a strong EBITDA result of $1.87 million, up 18.6% on the comparative period (2013: $1.57 million).
Profit before tax was $1.45 million, up 36.7% on the comparative period (2013: $1.06 million).
Full year revenue increased 1.1% to $15.23 million (2013: $15.06 million).
Operating costs at $13.8 million were down 1.6% on the comparative period (2013: 14.0 million)
Operating cash flows at $2.17 million increased by 11.8% on the comparative period (2013: $1.94 million)
Directors’ have declared an unfranked final dividend of 0.9 cents per share maintaining the full year dividend at 1.60 cents (2013: 1.59 cents).
Click here for the full financial report.
