Consolidated Media Holdings has quadrupled its annual net profit in 2008 and surged to achieve triple figure growth most of which came from the sale of Ticketek and Sydney’s Acer Arena.
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The company, which owns 25 per cent of Foxtel, 50 per cent of Premier Media Group and 27 per cent of online recruitment service, Seek has posted a net profit of $AUD 6.08 billion, up some 210.8 per cent on the previous financial year.
The Executive Chairman of CMH, John Alexander said the past year has been a defining period for CMH.
He noted that highlights of the year included the “sale of Ticketek and Acer Arena to PBL Media for $210 million, completed in July and the completion of the sale of 25 per cent of CMH’s investment in PBL Media to CVC in 2007 for cash proceeds of $525 million, leaving CMH with a residual ordinary shareholding of 25 per cent of PBL Media”.
“FOXTEL and Premier Media group continue to enjoy solid revenue and profit growth from increased subscribers as the penetration of subscription television continues to grow, now reaching more than 30 per cent of homes in FOXTEL areas”, noted Alexander.