SYDNEY - Free-to-air regional television broadcaster Prime Television's annual net profit rose 27 per cent on a ratings resurgence and the company expects the trend to continue.
Prime, an affiliate broadcaster of programmes from Seven Network, said its fiscal 2005 net profit was A$20.6 million ($22.52 million), up 27.1 per
cent on 2003-04, as annual advertising revenue rose 11.9 per cent to A$182.5 million.
Its Australian operations picked up in the second half as the popularity of Seven's blockbuster programmes - which include Desperate Housewives, Lost and Dancing with the Stars - attracted advertising.
"Prime expects future revenue shares to trend in line with improved ratings and audience delivery in the fiscal 2006 period," the company said.
In New Zealand, the network will continue to seek programming opportunities that will lift the profile of the network and add value in the near and medium term.
Chairman Paul Ramsay said the group result reflected improvements in Australia and New Zealand.
"We're also delighted with the continued development of our network in New Zealand which recorded revenue growth in excess of 50 per cent," Ramsay said.
Prime said advertising revenue in Australia grew 7.7 per cent to A$59.1 million for fiscal 2005 on the back of the ratings rise and continued advertising strength.
In New Zealand, Prime's advertising revenue grew 51.7 per cent to A$23.5 million over 2004-05 as Prime continues to develop a presence in the television market in a joint venture with Australia's number one rating Nine Network.
Prime said its New Zealand daily current affairs programme with Paul Holmes, since cancelled, lifted costs but increased the network's profile.
Who Wants to be a Millionaire, Getaway and sport events such as cricket and tennis boosted the bottom line.
The company has declared a final dividend of 7Ac a share fully franked, lifting the annual total to 12.5Ac fully franked.
- AAP
