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Drought hasn't shackled Rural Press
29 Aug 2003
Rural Press Ltd lifted its net profit to a record $68.4 million for the year to June 30, 2003 - a rise of 27.3 per cent. Managing director Brian McCarthy said Rural Press grew net profit even amid a drought that spanned the entire financial year, but he said heavy rains across eastern states in the past 10 days were encouraging. We're in a much better position than we were this time last year, he said, although the drought hasn't yet broken.
Mr McCarthy said rural advertising revenue fell five per cent in 2002-2003 due to reduced volumes in drought-affected states. But regional advertising revenue increased seven per cent, as advertising volume grew.
Overall revenue rose 6.2 per cent to $468.9 million in the year to June 30, 2003. The newspaper publishing business lifted EBIT by 24 per cent to $82.99 million and its printing division grew EBIT by 25 per cent to $23.73 million. The broadcasting business, with regional radio stations in Qld and SA, posted a pre-tax loss of $981,000, from an $806,000 loss previously.
The company increased ordinary and preferred final dividends and declared a special dividend of 10 cents and 11 cents for the two classes of shares, respectively. Total dividends for the year, including the special, were 33.6 cents per share for ordinary stock and 36.96 cents for preferred shares, representing a yield of 5.36 per cent and 5.87 per cent, respectively.
Sydney Morning Herald, 29/8/03.
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