Packer’s private firm CPH posts $22 mil loss for year

SYDNEY — Consolidated Press Holdings (CPH), the private company of Aussie media mogul Kerry Packer, reported a loss of A$27.7 million ($22.6 million) for the year ended June 30, according to documents filed Tuesday with the Australian Securities Commission.

Operating revenue fell by more than half to $198 million for the company, whose earnings seem erratic. A loss of $120.6 million was followed by a profit of $82.3 million in 1995, partly bolstered by sales of investments.

CPH recorded a zero tax liability for the year, but said “it strongly disputes the findings of its tax audit and has lodged appeals” against audits said to cover years 1989-93, which it will “vigorously prosecute” in court next year.

Despite $49 million in foreign exchange losses, Packer continued to flirt with foreign currency investments with just under $408 million tied up in Irish Punts.

CPH, which forked out dividends of $43 million, up from $31 million last year, is just one of Packer’s private companies which does not supply figures or analysis of its result to the press. Packer’s real fortune is reportedly stashed in a Bahamas-based company.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Scene News from Variety

Loading