CMH first-half profit falls

MELBOURNE - Consolidated Media Holdings, controlled by billionaire James Packer, said first-half profit fell 12 per cent on smaller one-time gains from asset sales.

Net income fell to A$346.2 million in the six months ended December from A$391.5 million a year earlier.

Excluding items, profit rose 18 per cent to A$43.7 million on higher earnings from its Foxtel pay television stake.

Consolidated Media, which owns 25 per cent of Foxtel, said the pay-TV business increased profit 21 per cent after adding customers and getting them to spend more on their service. The company had A$308.

Consolidated shares closed down 1c at A$3.14. The stock has gained more than 40 per cent since July 9, when rival billionaire Kerry Stokes began acquiring shares.

- BLOOMBERG