Prime Media Group increased its consolidated net profit after tax by $18.6 million in the second half of 2010, returning the company to profitability.

Prime results, released at the end of last week, reported net profit for the six months to December 31st as $15.4 million, compared with a loss of $3.11 million in the prior corresponding period.

Revenue advanced 10% to $133.46 million, Prime’s half-year accounts released on Thursday showed. “the company is still on track to report a full year NPAT (net profit after tax) of $25 million”, said Prime chief executive, Ian Audsley.

According to Audsley, a company-wide review, and sale of non-core, underperforming assets were partially responsible for the figures. These included outside broadcast production and outdoor cinema interests. 

Excluding the sale of these businesses, underlying earnings were up 73% to $6.6m.

Prime operates television and radio stations in regional Australia, as well as a network of local websites called iPrime. Audsley added that strong television earnings (including from the new digital 7Two and 7Mate channels) were a key driver.

Prime Radio Group had revenue growth of 6% in the first half of 2010/11.

The company declared an interim dividend of 2.1 cents per share. On the day of the announcement, the stock closed up five cents, at 71 cents, the highest since August 17, 2010.