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AUSTRALIA'S TEXT MEDIA GROUP UPGRADES FY PROFIT FORECAST BY 5%.
SYDNEY, June 2 Asia Pulse - Australian junior publisher Text Media Group Ltd (ASX) today upgraded its full year profit forecast by another five per cent on the back of strong performances by its community newspapers.
Text, whose flagship publication is the Melbourne Weekly Magazine, forecast earnings per share of nine cents a share for the year to June 30, 2003.
"This represents an increase of five per cent above the top end of the upgraded profit range provided to the market in February 2003 and a 20 per cent increase on the company's original estimates for the financial year," Text said.
"Given the momentum with which the business is entering the 2004 financial year, and the impact of a full year's contribution from the Metropolis Media acquisition, the company is now targeting earnings per share of 12 cents for the year to 30 June 2004, an increase of 33 per cent over the current year."
In February, Text predicted it could beat its previous 2002/03 profit forecast by 10-15 per cent of $3 million after unveiling a 6.5 per cent lift in first half profit to $1.2 million.
The company reported a $2.58 million net profit for 2001/02.
Text chief executive Nick Chan said the Melbourne Weekly had been able ...
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