MRN release their numbers

The Macquarie Radio Network have reported a 62% fall in net profit to $2.3 million for the last financial year.

Its share of operating losses and costs that went along with the sale of MTR in Melbourne ($5.5 million) and costs associated with its failed bid for Fairfax Radio and the purchase of Smart Radio Network (total of $1.3 million) were included in the figure.

Revenue for Sydney's 2GB and 2CH declined by 4% on the prior year to $52.6 million. Total Sydney market radio revenue decreased by 2.1%. MRN's share of revenue in that market decreased from 25.5% to 25.0%

MRN's Executive Chairman, Russell Tate said…

"Forward bookings are about as short as we've seen them, so we have very limited visibility. Our best guess at this stage is that the market could start to see some year on year growth in the second half to balance a first half shortfall. If that happens. we are confident that we can report 2012/2013 EBITDA (earnings before interest, tax, depreciation and amoritisation) of around $15 million."

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