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More ads plus Aussie papers help INL

By Phil Boeyen, ShareChat Business News Editor

Friday 18th August 2000

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Independent Newspapers has made a full year profit of $34.6 million, up nearly 15% on last year.

The newspaper publisher says a rise in advertising volumes in New Zealand papers, cost containment and better results from Australian operations were behind the improved result.

The profit figure includes an equity accounted loss by Sky TV of $13.4 million. INL says it is holding a substantial unrecorded gain on its 49.6% investment in Sky which, based on Sky's share price of $4.10 at the end of June, was $348.8 million.

Sky TV announced earlier this week is had made a $27 million loss for the year to June because of increased depreciation and costs incurred developing their digital satellite business.

INL says its circulation revenue has grown by nearly 4% over last year, with some strength in provincial operations appearing as the upturn in farming takes hold.

The newspaper group paid total dividends of 15.5 cents in March and announced at that time that no final dividend would be paid.

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