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CanWest Mediaworks’ profit soars

Stellar growth has been fueled by a long ad boom

AUCKLAND — CanWest Mediaworks New Zealand has reported net profit for the fiscal year to Aug. 31 of NZ$13.1 million ($9.1 million), almost double the $5 million forecast in its prospectus when it listed on the local stock exchange in July 2004.

Cash flow was $47.5 million, 6.7% higher than the prospectus forecast, and 11% ahead of the previous year’s figures.

Stellar growth has been fueled by a long ad boom that has buoyed all Kiwi media.

Broadcaster runs terrestrial webs TV3 and music channel C4, and controls half the radio market.

Results are a milestone for TV3, which had a makeover two years ago. Fox and Alliance Atlantis output deals have helped it become market leader in its target 18-49 demo.

Company is 70%-owned by Canada-based CanWest Global Communications Corp., which spun off 30% of stock to create CanWest Mediaworks NZ.

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