Nine profits drop 21% in ‘markedly weaker economic and advertising market’

Nine has reported a 15% dip in earnings and 21% profit drop for the first half of FY24, with the company noting “inflation, increased interest rates and cost-of-living pressures weighing on consumer and business sentiment”.

Overall revenues were down a modest 2%, to $1.37 billion, however earnings before tax slipped 15%, to $316.1 million, “reflecting markedly weaker economic and advertising market conditions impacting most of the markets that Nine operates in”.

Net profit after tax fell to $149.5 million from $190 million in the first half of FY23 – a drop of 21%.