Pacific Star profit jumps
Pacific Star Network, the parent company of SEN and MyMP in Melbourne has released their final annual report today.
The report confirms EBITDA of $1.87m for the overall business, this was an increase of 19.1% on the previous calendar period. The radio division showing a profit of $2.03m, the company also owns the AFL magazine 'Inside Football'.
Chairman Andrew Moffat commented:
"The radio division continued to perform strongly, delivering a profit result of $2.03 million, representing a 31.1% increase on the previous year. Radio station 1116 SEN held its position in the market with an impressive result from our loyal direct sales team."
He went on to criticise the PPCA over the current dispute with CRA saying;
"PPCA want radio stations to pay an additional licence fee for streaming broadcasts in addition to the one already paid to the PPCA for broadcasting on radio.
The PPCA position is essentially seeking to limit listeners’ options as technology evolves by seeking a ruling that radio stations should pay more licence fees for using different broadcast channels. If successful, their claim will result in increased operating costs for radio stations across Australia."
Pacific Star has revealed in the report that they have launched a 3-year ca-ex program investing $1m in upgrading and maintaining their transmitters, websites and IT requirements.