Nine Entertainment Co Holdings Limited (ASX:NEC) has reported a profit slide of 95 per cent to $58 million in the 2014 financial year.
The television and entertainment company blames the dip in statutory net profit on a number of one-off significant items and recapitalisation charges.
The company’s underlying result shows net profit grew to $144.2 million with revenue growing 5.8 per cent in the year.
CEO David Gyngell says the advertising market has been increasingly difficult but says a range of new initiatives in sport and news will drive the company towards a 40 per cent revenue share target in 2015.
This is the company’s first full year result after returning to the ASX through an IPO late last year.
A final dividend of $0.042 per share, unfranked, will be paid on October 17.
