WAN first quarter profit increases

West Australian Newspapers has announced a 2.8% rise in its first quarter trading profit to $23.5 million. The company’s total revenue is up 3.1% in Australia’s mining rich western state. The company’s radio stations increased advertising revenue by $300,000 to $2.3 million, compared with the previous corresponding period, but the Radio Division’s profit was down when compared with the first quarter the previous year.

 

 

Total consolidated advertising revenue for the quarter was $76.8 million, up $5.2 million with all divisions of the group recording period on period growth.

 

 

In a statement to the stock exchange, CEO Chris Wharton said trading conditions were unusual during the period with “uncertainty and confusion surrounding the Mining Super Profits Tax, the change of Prime Minister and inconclusive results at the Federal Election,” all of which had contributed to fluctuations in advertising revenue growth. “From early May to the formation of government in mid-September, our consumers and advertisers appeared to adopt a holding pattern stance.”

 

Wharton said he believes the company is very well placed to take advantage of the strengthening WA economy.