Media company West Australian Newspapers Holdings Ltd
(ASX:WAN) has reported a 15.4% fall in first half profit but says there has been a significant improvement in the underlying financial performance of the business.
Net profit after tax for the six months to December 31, 2009 came to $49.492 million, down from $58.496 million recorded in the same period last year.
Revenue for the period fell 9.7% to $205.109 million with the company declaring an interim dividend of 19 cents a share.
CEO Chris Wharton says the results were pleasing, and that the company has seen improving positive trends in both revenue and profitability throughout the half, with some weeks in November and December outperforming the same weeks last year.
Mr Wharton says all major ad categories are performing well, with the positive sentiment being maintained in to the new calendar year.
West Australian Newspapers reported a profit after tax of $87.24 million for the 2009 financial year.
