Channel Nine's profits keep falling

Tim Glasby of the Melbourne Storm is tackled during the round 24 NRL match between the Melbourne Storm and the Newcastle Knights. Scott Barbour/Getty Images

The Nine Network posted a 2.9% drop in full year profit to $140.09 million as a weak advertising market drags on the bottom line.

The result, within analyst expectations, was on revenue 2.6% higher at $1.61 billion.

CEO David Gyngell says June quarter performance was short of expectations in a difficult free-to-air advertising market.

“However, we are pleased with our improving ratings performance trend over the first couple of months of FY16,” he says.

Nine recently won the rights to broadcast NRL matches on Thursday, Friday and Saturday at prime time and on Sunday.

The new broadcast rights agreement is worth up to $925 million and will take effect from 2018. It also includes the rights to live streaming the games on Nine’s digital platforms.

A final, fully franked dividend of 5 cents has been declared.

Detail on the results:

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