MediaWorks earnings tumble

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MediaWorks has revealed a sharp drop in underlying earnings amid challenging market conditions and says it may seek further support from private equity owner Oaktree to fund growth opportunities, according to a report in NBR today.

The media company released its latest financial statements to media today, showing earnings before interest, tax, depreciation and amortisation (ebitda) fell from $41.8 million in the 10.8 months to September 2014 to $33.5 million in the 15 months to December 31, 2015.

This represents a decline of 40% when adjusted to a 12-month equivalent period.

Group revenue was $347.9 million, down 1.5% when adjusted to a 12-month equivalent reporting period and down 3% for the calendar year.

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