KEY POINTS:
CanWest MediaWorks has reported a 9.7 per cent rise in half year net profit after tax to $14.6 million.
The company announced today the result for the six months to February 28 compared with $13.3 million in the corresponding period last year and came on revenue up 3.7 per cent to $134.3 million.
An interim dividend of 4.8c per share will be paid, with full imputation credits.
MediaWorks chairman Tom Strike said the result reflected a strong bounce back in the New Zealand economy after a somewhat challenging winter period last year.
The company was well positioned to take advantage of revenue opportunities as the economy strengthened, he said.
Forward advertising bookings across both RadioWorks and TVWorks looked encouraging, and demand for advertising inventory, particularly on television, appeared to be strong, the company said.
Based on these indicative trends, CanWest was confident the 2007 annual ebitda result would be close to last year's result of $65.7 million.
Mr Strike said TVWorks' revenue was up 5 per cent in the first half of this fiscal year to $76.1m. Its ebitda increased by 14 per cent to $20.3m.
A Citigroup review of CanWest Global's Australasian assets, including MediaWorks NZ, was progressing according to timetable.
Shareholders would be advised further when there were any relevant developments to report.
Chief executive Brent Impey said the year had started well for flagship network TV3.
In February, 3 News had won its timeslot for audience share in its primary target of 18 to 49-year-olds.
It also won with 25 to 54-year-olds, which was TV One's primary target, and in the 18 to 39-year-old group targeted by TV2, he said.
For RadioWorks, the latest radio audience survey showed an increase in total audience share and cumulative audience for stations nationally, at the expense of the company's major competitor.
In the critical advertiser demographic of 18 to 49-year-olds, RadioWorks enjoys a 42.9 per cent national share, with the main competitor at 38.8 per cent, Mr Impey said.
Easy listening format The Breeze launched in Auckland and gained 4 per cent of the total audience.
National music brand The Rock had the biggest audience of any music station in the country.
CanWest shares closed on the New Zealand stock exchange at $2.20 on Friday, having ranged between $2.40 and $1.23 in the past year.
- NZPA
