Ten Group’s profits up over six months

The Ten Group, which owns and operates the Ten Network’s outlets in Sydney, Melbourne and Brisbane, showed a net profit of $ A38.7 million ($ 27.9 million) for the half-year to Dec. 25, 1993, according to an announcement by chairman John Studdy.

Sales were up 17.3% for the six months, and revenues for January and February are well ahead of budget forecast.

Studdy pointed out that the first half of the fiscal year (to Christmas) is traditionally more productive financially than January-June, and said the board was confident of a strong fiscal 1993-94.

The latest results compare favorably with the 39 weeks to June 30, which posted $ 17.4 million. Uneven year listings are attributed to the web having been in receivership before being sold to CanWest of Canada at the end of 1992.

The Winnipeg-based broadcaster has a 57% economic interest in the Ten Group but controls only 15% of the voting shares to conform with Australia’s overseas ownership regulations.

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