By Phil Boeyen, ShareChat Business News Editor
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Thursday 16th August 2001 |
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For the six months ended June the publishing group has made a profit of $6 million compared with last year's $9 million loss, with revenue growing 4% to $236.4 million.
"Last year WHH restructured the majority of its foreign currency borrowings into New Zealand denominated debt, thereby ensuring that most of the adverse currency movements, which had been a feature of the group's results in past years, are now eliminated," the company says.
"The interest charge has increased by $12.5 million compared to last year due to increased debt at local interest rates which are currently higher than the overseas rates applied last year."
The publishing group says trading continues to be competitive in the present tight economy but reported readership growth of 3.6% to 888,000 for the New Zealand Woman's Weekly.
It says the magazine has also announced a circulation growth of 2% while weekly news and entertainment magazine The Listener has announced a 1% increase in circulation.
Although no figures are given the company says it new media division, W & H Interactive, underwent a major restructure in late 2000, which has lowered its cost base and substantially improved its trading position.
The publisher says despite the uncertainty in global markets the group expects the result for the full year to show an improvement over last year.
WHH cumulative exchangeable preference shares are due to mature in 2003, when shareholders may elect to exchange one preference share for either $8.00 cash, or two shares in the group's Irish media owner, INM.
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