Nine Entertainment Co Holdings Ltd (ASX:NEC) has announced a turnaround in its fortunes with the media company posting a half year profit and a rise in revenue.
Net pro forma profit was $95 million for the six months to 31 Dec 2013 compared with a $77 million for the same period last year.
Chief Executive David Gyngell attributed the positive result to a solid performance in the ratings, citing the success of the Australian cricket team and a good performance for home improvement powerhouse “The Block’. A strong Australian drama line-up also bolstered performance in what is generally the company’s softest share quarter.
Mr Gyngell said the better than expected result puts the company on track to achieve its full year profit guidance of $139.5 million.
No interim dividend was declared.
