Macquarie Media 'reported' profit and earnings fall in half year

Company News

by Jessica Amir

The owner of talkback radio station 2GB, has maintained underlying earnings momentum since Macquarie Radio Network (ASX:MRN) and Fairfax Radio Network (ASX:FRN) merged to create Macquarie Media Limited in 2015. As for its ‘reported’ figures, those were mostly negative as they included the discontinued operations for Satellite Music Australia.

Its profit after tax fell about 40 per cent in the six months to December’s 2017 end to $4.8 million. Its revenue rose 2 per cent to $68 million, driven by an increase in radio revenue.

It underlying earnings grew for the fifth consecutive half-year, while its reporting earnings (EBIT) fell almost 40 per cent.

It declared an interim dividend of 3.0 cents per share, fully franked and payable on the 8 March 2018. It also paid an special dividend of 3.0 cents per share in October 2017.

It also promoted Adam Lang to the role of CEO.

Its shares last traded at $1.25 on 24 Jan 2018.

Jessica Amir

Finance News Network
Jessica joined FNN in January 2017 with a passion for equities and funds management. As Head of News, she has been a broadcast journalist for over seven years, specialising in finance. She has been a journalist with Sky News Business, ABC 1, ABC's The Business and ABC24. She’s also worked as a TV reporter for regional Channel 7 and 9. She also previously worked as a financial planner and real estate agent.