News: Nine unveils first FY result

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Nine Entertainment Co Holdings Limited (ASX:NEC) has reported a profit slide of 95 per cent to $58 million in the 2014 financial year.

 

The television and entertainment company blames the dip in statutory net profit on a number of one-off significant items and recapitalisation charges.

 

The company’s underlying result shows net profit grew to $144.2 million with revenue growing 5.8 per cent in the year. 

 

CEO David Gyngell says the advertising market has been increasingly difficult but says a range of new initiatives in sport and news will drive the company towards a 40 per cent revenue share target in 2015. 

 

This is the company’s first full year result after returning to the ASX through an IPO late last year.

 

A final dividend of $0.042 per share, unfranked, will be paid on October 17.