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RATINGS TO FORM BAROMETER FOR AUSTRALIA'S PBL, SEVEN: ANALYSTS.

AsiaPulse News

| March 03, 2003 | COPYRIGHT 2003 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

SYDNEY, March 3 Asia Pulse - Updated advertising and television ratings will be the centre of attention for analysts assessing the first half results from Kerry Packer's Publishing & Broadcasting Ltd (ASX:PBL) and the Seven Network Ltd (ASX:SEV) this week.

PBL, which owns the Nine Network, is expected to post a flat underlying profit result while Kerry Stokes' Seven Network is set for a profit fall.

Major media groups such as John Fairfax Holdings Ltd and News Corp reported an upswing in advertising in their recent results and analysts are keen to know if the trend has flowed through to the television industry.

PBL's bottom line net profit is expected to rise, compared to the A$160.2 million (US$97 million) it recorded for the same period last year which was dragged down by larger-than-expected payouts at Crown Casino.

But on a normalised basis the net profit after adjusting for win rates at Crown is expected to be flat at $183.8 million.

"If they have an average win rate they will be up $23 million because that's what it cost them in the first half last year," one analyst, who asked not to be named, said.

"So if you add that back the result will be flat and that's what the company has been saying."

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