Prime Media Group $4.6m Profit Down 71.4% 1H2013

Regional TV and Radio Company, Prime Media Group (ASX:PRT) have announced its half year financial results for 2013 to its shareholders and investors on the Australian stockmarket.

• Prime Media Group have announced a Net Profit of $4.6 million, down 71.4 percent on the previous corresponding period.
• Prime Media core net profit after tax up 21.1 percent to $19.4 million for the half year.
• EBIT (Earnings before interest, tax, depreciation and amortisation) was up 4.2 percent to $35.3 million. PRT booked a $15 million impairment charge on its radio assets from uncertainty in the market.
• Prime Media Group chief executive Ian Audsley said, "Combined with the fact that the full impact of recent significant flooding in central Queensland coastal markets is yet to be fully understood, and the potential for further such occurrences in the future, the board believes the impairment is prudent."
• Revenue of $144.1 million up $5.4 million or 3.9 percent.
• Prime Media Group have declared a fully-franked dividend of 4 cents per share fully-franked.