Nine Entertainment Earnings Up 6% Despite Revenue Drop

Nine Entertainment reported a 6 percent increase in earnings for the six months ended December 31, marking its second consecutive period of profit growth despite a revenue decline in its first financial results following the sale of its Domain Group stake.

Earnings before interest, tax, depreciation and amortization for continuing operations rose to 192.2 million Australian dollars from the prior period. The company's reported net profit, which included proceeds from the Domain sale, reached 896.6 million Australian dollars. Revenue from ongoing businesses fell 5 percent to 1.05 billion Australian dollars, reflecting challenges in the advertising market.

The publishing division, which encompasses The Sydney Morning Herald, The Age and The Australian Financial Review, saw revenues decrease by 2 percent to 262.2 million Australian dollars. Earnings before interest, tax, depreciation and amortization in this segment dipped 1 percent to 73.7 million Australian dollars. Officials attributed the softer performance to weak conditions in both print and digital advertising. However, the division benefited from a one-time payment of 7.3 million Australian dollars related to the resolution...