Prime Media (ASX:PRT) profit up 126.9% on PCP

Company News

by Katrina Bullock

Prime Media’s (ASX:PRT) interim financial results for the half-year ended 31 December 2020 show total revenue edged 1 per cent higher year on year to $91.7 million.

The regional TV broadcaster’s statutory profit after tax was up 126.9 per cent to $10.1 million.

Revenue from contracts with customers though was down 4.7 per cent on the prior period.

$5.2 million in one off government subsidies and $2.8 million of cost cuts helped to offset the drop.

Earnings before interest, tax, depreciation and amortisation were up 65.6 per cent on the prior year to $19.1 million.

Shares in Prime Media (ASX:PRT) closed 5.77 per cent lower at 24 cents yesterday.