Nine Entertainment posts drop in full-year profit

The news: Media group Nine Entertainment has posted a drop in annual profit as lower advertising revenue and a challenging environment for property listings unit Domain weighed.

The numbers: Net profit for the year to 30 June was down 38% to $195 million, while earnings were down 16% to $591 million. Revenue for the year was up 5.8% to $2.69 billion. The company will pay a final dividend of 5 cents a share, down from 7 cents a year ago.

The context: The media conglomerate said it had grown subscription and licensing revenue at Stan and the publishing business. However, tougher economic conditions resulted in a decline in the advertising market. Domain’s weaker results also reflected a challenging property environment, with its earnings down 13%.