Australian PBL reports 12 % fall in profit
Sydney-based PBL, controlled by Australia’s richest man, James Packer, said its net profit fell to us$ 268.5 million in the first six months of the fiscal year that began July 1, 2006, from us$ 306 million in the same period a year earlier.
The group, which last year agreed to sell half its media business to buyout group CVC Asia Pacific, declared a steady interim dividend of 30 cents per share.
"The past six months was a significant time period for PBL," said Packer, who is executive chairman of the company. "The recapitalization of PBL’s television, magazine and some online assets is a defining transaction," he said in a statement.
Revenue at the group’s television division fell 2.9 percent to usS $357 million as it faced tougher competition from rivals Seven Network Ltd. and Ten Network Holdings Ltd.
The company said the underlying performance of its gambling business was sound.
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