Prime Media’s radio stations were responsible for a downturn in profits in the company’s latest annual results.

The stations, now in the process of being sold to Grant Broadcasters, suffered a revenue downturn of over $900,000.

Overall highlights for the company were positive:

• Core net profit after tax of $35.4 million – up 6.6%
• Reported statutory net profit after tax of $20.2 million down 27.0% on pcp
• Core EPS of 9.7 cents – up 6.6% on pcp
• Statutory EPS 5.5 cents – down 27.0% on pcp
• Revenue from continuing operations (excluding radio) of $257.3 million – up 1.8% on pcp
• Total revenue $277.0 million – up 1.8% on pcp EBITDA from continuing operations
• $62.7 million – down 0.9% on pcp EBITDA from all operations of $66.0 million – down 2.1% on pcp
• EBIT of $53.5 million – up 1.3% on pcp
• Loss from continuing operations of $13.4 million includes radio non-cash impairment charge of $15.0 million
• Final dividend 3.3 cents per share fully franked (pcp: 3.3 cents)
• Gearing Ratio of 2.1 times (30 June 2012: 1.9 times)

But Prime Radio did not have a happy story to tell.