Consolidated Media Holdings Ltd
(ASX:CMJ) has posted an 8.2 per cent fall in net profit to $392 million for twelve months to 30 June.
The media investment firm posted a 27 per cent increase in operating net profit after tax however to $89.5 million and says this result is the best indicator of improved conditions.
The operating net profit after tax excluded non-recurring items such as investment property sales and its investment in online job portal SEEK.
Consolidated Media Holdings owns a 25 per cent stake in Foxtel and half of Premier Media Group that produces Fox Sports.
CEO John Alexander says in the absence of an acquisition opportunity the company may resume buying back shares under the 2010 buy-back program.
An unchanged dividend of six cents per share unfranked has been declared.
Consolidated Media Holdings reported a profit of $427 million for the year to 30 June 2009.
