CanWests Radioworks records profit increase in New Zealand

New Zealand’s CanWest Mediaworks has recorded a 12% increase in third quarter earnings and is positive about the prospects of its new national radio network, Radio Live.

CanWest’s New Zealand operations are “maintaining steady growth” according to CanWest MediaWorks NZ’s Chief Executive Officer, Brent Impey.

The company reported consolidated earnings before interest, income tax, depreciation and amortisation (EBITDA) of NZ$13.4 million for the three months
ended 31 May 2005, a 12% improvement compared with pro forma results for the same period last year. Consolidated revenues also increased by 12% to NZ$60.4 million compared with NZ$54.0 last year.

For the first nine months of fiscal 2005, consolidated EBITDA increased 12% to NZ$51.3 million from NZ$45.7 million the previous year. Consolidated revenue for the year-to-date was up 9%.

CanWest MediaWorks (NZ) Limited is a public company, which was listed on the New Zealand Stock Exchange in July 2004.

RadioWorks, the company’s radio operations, recorded an EBITDA increase of 6% to NZ$7.1 million for the three months ended May 31, compared with EBITDA of NZ$6.7 million for the same period of the previous year. In the nine months ended 31 May, RadioWorks’ EBITDA increased 6% to NZ$26.1 million, from NZ$24.6 million for the same nine month period last year.

These results were achieved while RadioWorks also experienced significant start up costs for Radio Live, its recently launched news and all-talk radio network, which has had a very positive start, and the re-branding and launch of Kiwi FM, New Zealand’s only all domestic music channel.