SYDNEY — Australian TV production, distribution and film sales company Beyond Intl. surged to record results in the 1998 financial year, driven mostly by booming TV sales to North America and Western Europe.
Beyond’s operating revenue jumped by 9.8% to a new high of $A78.5 million ($47.1 million), with 70% of its sales generated outside Australia, and operating profit lifted by 13.4% to $5 million.
However, net profits slid by 21% to $2.1 million due to the costs of closing down Beyond Online in June, the division that was creating content for Beyond’s six Web sites.
“Three years ago we believed online services would develop into a broadcast medium. Now we believe it is more of an information than an entertainment medium,” Beyond chairman Ian Ingram told Daily Variety on Friday.
International TV sales division Beyond Distribution posted healthy increases in operating revenues and earnings from programs such as drama series “Good Guys, Bad Guys,” kidvid “Ocean Girl,” telepic “Halifax f.p.” and long-running science magazine “Beyond 2000.”