Investing.com - In the face of testing market scenarios, media giant Nine Entertainment Co Holdings Ltd (ASX:NEC) experienced a considerable profit slump of 38% during their full fiscal year.
The firm disclosed on Thursday that its net post-tax profit plummeted to $195 million from last year's remarkable high of $315 million.
While total revenue remained steady at $2.7 billion, earnings before interest, tax, depreciation, and amortisation (EBITDA) saw a decrease of 16%.
Broadcast revenues comprising free-to-air television and radio suffered a minor setback of 1% as expenses escalated by 7%. However, television viewership managed an upward trend with a share of 41.8%.
Stan, the subscription-based streaming service operated by Nine showcased an impressive performance with EBITDA surging by 30% alongside increased subscriber growth across entertainment and sports categories.
However, Domain - the company’s real estate listing arm recorded disappointing numbers with earnings dropping by 15% due to sluggish property market conditions.
Publishing sectors such as The Sydney Morning Herald along with The Age plus Australian Financial Review witnessed an 8% fall in earnings, owing to reduced advertising revenue streams.
CEO Mike Sneesby noted that despite these setbacks; extensive investments into new content creation coupled with sport have fortified the group's competitive edge across various platforms it operates on.
Shareholders can anticipate receiving a fully franked final dividend payout amounting to five cents for each share held which shows a downslide compared to last year’s seven cents.