Seven West Media Ltd, Australia's largest locally listed media company, said its takeover by West Australian Newspaper Holdings in 2011 has helped lift its first full year net profit to $226.9 million, up by 97.1 per cent over the previous year's $115.1 million.
In a statement, the Australian media company reported the profit for the year to June 30 reflected the first 12 months complete trading following the acquisition of Seven by West Australian Newspapers Holdings in 2011.
Revenue, on the other hand, jumped from $725.7 million to $1.9 billion.
Earnings before interest, taxation, depreciation and amortisation came in at $535 million.
Seven West, with a market value placed at A$1.46 billion, controls Australia's top-rated free-to-air television network, the Seven Network, as well as the West Australian newspaper, radio stations and its Internet platforms.
"Our businesses are performing well in what has been a challenging past 12 months for all media companies," new Chief Executive Don Voelte, said in the company's statement. He moved into the top post in June, replacing long-time chief David Leckie.
The company's earnings per share, however, dropped from 36.2 cents to 33.3 cents, with the final dividend also down 26 cents to 6 cents.
"Our revenue markets remain challenged. We will be relentless in looking for additional synergies and will initially be focusing on four areas: the group's back of house, our television news and public affairs unit, our magazine business and our newspaper business," he said.
According to the company, the Seven Network managed to control 40 per cent of the Australian TV-advertising market in the six months to June, and 39 per cent in the whole of fiscal 2012.
Costs at its TV broadcast business soared 6.7 per cent during 2011/12, while earnings before interest and tax (EBIT) came in at $291 million. The West Australian and regional newspapers delivered EBIT of $116.2 million, with revenue down 5.2 per cent.
Its Pacific Magazines business posted EBIT of $39.8 million, with circulation revenue down 1.2 per cent to $177.7 million. Total advertising revenue likewise fell 11 per cent to $97.7 million.
Ad revenue from Seven's digital media business grew 15.7 per cent to $84.6 million and EBIT by 14.7 per cent to $36.6 million.
The company likewise announced in the same statement that Mr Voelte will be paid a fixed annual remuneration of $2.6 million a year.
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