By Nick Stride
Friday 15th February 2002 |
Text too small? |
INL's December first-half earnings before interest, tax, depreciation and amortisation lifted 16% to $111.3 million as Sky reported a reduced $13.2 million loss and newspaper earnings held steady.
Bottom-line profit almost doubled, to $27.1 million, mostly because INL consolidated Sky's result for the first time after lifting its stake from 47% to 66%.
Some $32 million of Sky's losses transferred to INL, reducing INL's tax liability by $10.6 million.
As a result it paid just $900,000 tax.
However, INL will have to repay that amount when Sky starts turning in taxable bottom-line profits and has exhausted its credits from previous losses. INL chief executive Tom Mockridge said Sky was expected to break even in the second half of next year.
A difference in the way the two companies treat depreciation contributed a further $4 million to INL's earnings.
No comments yet
Devon Funds Morning Note - 06 May 2024
EROAD FY24 Results and Webinar Details
thl reduces FY24 NPAT guidance
May 6th Morning Report
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change