Rural Press makes $87 million profit

Timothy Fairfax and Peter Roach have been re-elected to the board of Rural Press at the company’s Annual General Meeting today, which heard that Rural Press has achieved a 27.3% lift in net profit (after tax and minorities) to a record $87.1 million.

Chairman John B Fairfax has told the meeting:

“As with athletes, these satisfying results don’t just happen. They only come about through dedication, energy, commitment, clear objectives, and by striving for a continuous improvement in all facets of the business.

“We are fortunate in having a management team surrounded by dedicated and enthusiastic staff within our group that possess those qualities, and who are responsible for these successive improvements in annual earnings, and in turn, dividend payments to our shareholders.”

The impressive profit was achieved mostly through the printing and publishing arm of Rural Press, which also has a radio division and overseas publishing interests.

“In radio broadcasting, the Ipswich station improved marginally in a competitive market, whilst the South Australian stations maintained last year’s levels,” Fairfax told the AGM.

Rural Press operates seven radio licences in South
Australia, two licences in Bundaberg, 12 open narrowcast
licences extending from Bundaberg to Townsville (KIXFM), and
River 94.9FM in Ipswich.

The company will pay 20 cents per Ordinary share and 22 cents per Preferred share, both fully franked at 30%, and payable in November. Rural Press share price has risen on the news.