Half yearly profits surge at Next Media

Hong Kong - Next Media, publisher of Apple Daily and Next Magazine, has seen its half yearly profits surge 37% to HK$215.5 million, with its newspaper operations in Taiwan and Hong Kong bolstering the result.

The group's earnings before interest and tax totaled HK$334 million, an increase of 23% on its 2006 figure of HK$271.7 million.

Next Media's newspapers division accounted for 70% of the group's total income in the six months to 30 September 2007.

Apple Daily's advertising revenue slipped 3.6% to HK$316.0 million, but its average daily sales between January and June 2007 increased to 309,261 copies, compared with 297,289 from the same period last year.

The company's internet division saw moderate gains, but continued to drag its heels. Online profits were down HK$1.2 million, a decline of 117% compared with a profit of HK$7.1 million during the corresponding period last year.

Next said its online division was currently under review with developments expected to soon be revealed about its IPTV plans.

Next Media's strong result was not mirrored by its competitor Ming Pao, which saw its net profit for the six months to September drop 12.3% to HK$14.3 million.

Half yearly revenue for the Ming Pao, part of the One Media Group, were up 6% to HK$778 million.