Pacific Star ‘we want to own more media’
The Pacific Star Network, who operate SEN and MyMP in Melbourne, have released their half-yearly financials.
The results show an increase in revenue of 40% (for the half year to 31 December) to $13.3m, and in improvement in NPAT (net profit after tax) to $0.83m, up from a loss of $0.04m the previous period.
The revenue and NPAT increase for the company was largely driven by the publishing business, which was well up on the previous period – however that period only included one-month of ownership thus the dramatic increase.
The broadcasting operations were up marginally from $7.6m to $7.8m.
Pacific Star again commented that they are looking to grow;
“The Company has previously reported that it is seeking to increase its investment in media assets and create a larger organisational structure to support growth in the coming years.
We envisage that the plan to implement this structure will be formulated over the next few months. We foresee a positive outlook for radio sales as we bolster our sales team and brand strategy with a view to optimising cross selling opportunities, across the Group”.
The company noted that restructuring the business resulted in $216,000 in costs, which would not recur – this included redundancies and consultants fees.