WEST Australian Newspapers Holdings has posted a 15.4 per cent fall in first half net profit but says there has been a significant improvement in the underlying financial performance of the business.
The media company reported net profit of $49.492 million for the six months to December 31, down from $58.496 million in the prior corresponding period.
Revenue fell 9.7 per cent to $205.109 million.
WAN chief executive Chris Wharton said the results were "very pleasing".
"We have seen improving positive trends in both revenue and profitability throughout the half, with some weeks in November and December outperforming the corresponding weeks last year," Mr Wharton said in a statement today.
"All major ad categories are performing well, with the positive sentiment being maintained in to the new calendar year."
Its results also showed net profit for the December quarter was $26.6 million, which was down 7.9 per cent from a year earlier, but up 16 per cent from the September quarter.
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WAN declared an interim dividend of 19 cents per share, fully franked, down from 23 cents a year ago.
The media company owns Perth's The West Australian newspaper, as well as 23 newspapers and nine radio stations across regional WA.
Its website, thewest.com.au, is a partnership with Yahoo!7.
The West Australian newspaper, Perth's only local daily, recorded earnings before interest and tax of $68.0 million for the first half of 2009/10.
"The result, whilst down 19.8 per cent period on period, reflects a positive earnings trend," WAN said.
Total revenue, advertising revenue, and circulation revenue all fell.
In the first half, advertising volumes declined 10 per cent and the average rate per column centimetre was down four per cent due to a change in the mix of high and low yield advertising.
"The average rate per column centimetre returned to positive period on period comparisons during quarter two, as advertising categories returned to a more traditional mix," WAN said.
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