Pacific Star Network, formerly Data & Commerce (DCL), has slashed operating losses from $9.1 million to $2.9 million.
The recent name change seems to be working for Pacific Star, which operates 3MP and SEN 1116.
Despite the big turnaround, directors, Ron Hall, Peter Quattro and Richard David Szental, are not quite breaking out the champagne yet – shares remain at or near a record low of just 4¢.
However, the directors have told Christopher Webb in The Age that the second half resulted in a $685 000 loss, which they say is a ‘dramatic improvement’ on the preceding half year and comparative period results.
“The results for the six months were still adversely affected by the flow through costs of 3AK closure ($121 000), abnormally high debt related costs ($312 000) and non-cash related asset writedowns ($292 000).
“As the company has repaid $4million of debt facilities, the future debt related expenses will substantially reduce.
“On the basis that Sports Entertainment Network continues to satisfy its ongoing financial obligations under the radio licence lease, and 3MP continues to improve its ratings and financial performance, the directors anticipate an improved group performance for the 2005 financial year.”