News and Media posts half-year profit of $9.4m

12.20pm

News & Media NZ Ltd (NewsMedia) today posted a June half net profit after tax of $9.45 million.

The result was down 4 per cent on last year's June half surplus of $9.8m.

The unaudited result came on total operating revenue of $12.36m, from $11.21m in the previous same period.

NewsMedia's operating surplus before tax was $10.36m, against $10.53m.

Earnings per share were 4.68c per share (cps), from 53.65cps.

NewsMedia is an investment holding company. Its main vehicle is a 12.6 per cent stake, worth $291m, in trans-Tasman media firm APN News & Media Ltd.

APN bought the Herald's owner, Wilson & Horton Ltd, in 2001.

Its cumulative exchangable preference (ceps) shares last traded on the sharemarket at $4.20 yesterday.

The ceps mature on November 30, 2007, and at that time could be exchanged for either $4.00 in cash or one ordinary share in Dublin-based media group Independent News & Media Plc (INM).

The next dividend on the ceps would be paid on November 30, 2004, at a gross rate of 8.75 per cent.

INM has operations in New Zealand, Australia, Ireland, South Africa and the United Kingdom.

- NZPA