Media firm NZME considering spinning off real estate platform OneRoof (updated)
25/02/2025 23:06
Updates with further details, results, share moves from paragraph 2
Feb 26 (Reuters) - New Zealand media firm NZME Ltd NZM.NZ said on Wednesday it had launched a review of its property platform OneRoof, which may include a potential spin-off, external capital raising and consolidation opportunities.
"A progress update on this independent review will be provided at part of NZME's half year results later in the year," the company said.
NZME reported a drop in its operating net profit after tax to NZ$12.1 million ($6.92 million) for the year ended December 31, 2024, compared with NZ$14.1 million reported a year ago.
The company, however, declared a final dividend of 6 New Zealand cents per share, unchanged from the previous year.
NZME recorded a 2% annual increase in its advertising segment revenue and expects a 4% growth in the first quarter of 2025.
Shares of the Auckland-based company surged 11.5% to NZ$1.16 as of 2240 GMT.
($1 = 1.7479 New Zealand dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Shounak Dasgupta and Mohammed Safi Shamsi)
((Roshan.Thomas@thomsonreuters.com))