Oz media conglom TMS bumps profits by 128%

The reborn Aussie media conglom Television and Media Services boosted pretax operating profits by 128% to $ A4.54 million ($ 3.17 million) in the six months to Dec. 31.

The company attributed the improvement, achieved on a modest 5% lift in revenues to $ A36.9 million ($ 25.8 million) to the full effect of cost reduction programs.

It declared an interim dividend — the first since 1989 — of .67 cents per share in Aussie coin.

Formerly Hoyts Entertainment, the company was restructured and renamed late last year after the equity was reduced by 75% and its lenders agreed to forgive the majority of the bank debt and accrued interest.

TMS spans TV and video services (renamed Global Television), Val Morgan cinema advertising, outdoor advertising, film and video distribution, and stakes in the London, New York and U.S. touring productions of “Miss Saigon,” and the New York, San Francisco and Sydney productions of “The Phantom of the Opera.” All divisions are running ahead of budgeted revenues, said TMS managing director John Rochester.

The new board has yet to decide whether to continue film and vid distribution after putting acquisitions on hold. “We’re still doing our homework” on that issue, said Rochester.

More Biz

  • Lori Mccreary and Gary Lucchesi PGA

    How Harvey Weinstein Drove the PGA to Combat Sexual Harassment on Set

    The reborn Aussie media conglom Television and Media Services boosted pretax operating profits by 128% to $ A4.54 million ($ 3.17 million) in the six months to Dec. 31. The company attributed the improvement, achieved on a modest 5% lift in revenues to $ A36.9 million ($ 25.8 million) to the full effect of cost […]

  • Bob Bakish, President and CEO of

    Viacom CEO Bob Bakish Earned $20.3 Million in 2017

    The reborn Aussie media conglom Television and Media Services boosted pretax operating profits by 128% to $ A4.54 million ($ 3.17 million) in the six months to Dec. 31. The company attributed the improvement, achieved on a modest 5% lift in revenues to $ A36.9 million ($ 25.8 million) to the full effect of cost […]

  • Ross Levinson LA Times

    L.A. Times Publisher Placed on Unpaid Leave Amid Sexual Harassment Investigation

    The reborn Aussie media conglom Television and Media Services boosted pretax operating profits by 128% to $ A4.54 million ($ 3.17 million) in the six months to Dec. 31. The company attributed the improvement, achieved on a modest 5% lift in revenues to $ A36.9 million ($ 25.8 million) to the full effect of cost […]

  • Time Warner

    Judge Indicates Shutdown Won't Delay AT&T-Time Warner Antitrust Case

    The reborn Aussie media conglom Television and Media Services boosted pretax operating profits by 128% to $ A4.54 million ($ 3.17 million) in the six months to Dec. 31. The company attributed the improvement, achieved on a modest 5% lift in revenues to $ A36.9 million ($ 25.8 million) to the full effect of cost […]

  • LA Times building

    Los Angeles Times Newsroom Votes 248-44 in Favor of Unionization

    The reborn Aussie media conglom Television and Media Services boosted pretax operating profits by 128% to $ A4.54 million ($ 3.17 million) in the six months to Dec. 31. The company attributed the improvement, achieved on a modest 5% lift in revenues to $ A36.9 million ($ 25.8 million) to the full effect of cost […]

  • Wilson Cruz Trace Lysette

    Watch Variety's Facebook Live Stream of GLAAD Media Awards Nominations

    The reborn Aussie media conglom Television and Media Services boosted pretax operating profits by 128% to $ A4.54 million ($ 3.17 million) in the six months to Dec. 31. The company attributed the improvement, achieved on a modest 5% lift in revenues to $ A36.9 million ($ 25.8 million) to the full effect of cost […]

More From Our Brands

Access exclusive content