With reporting season underway, we update Westfield Holdings, Flight Centre, APN News & Media, Circadian and Biota.
With a full-year of the New Zealand-based Wilson & Horton business under its wing, regional media group APN News & Media reported some impressive figures for the year ended 31 December 2002.
Net profit soared 87% to $90.2m, although earnings per share rose a more modest 16% to 20.8 cents. A fully-franked dividend of 10 cents was declared (sadly, the ex-date was unavailable at time of writing) and the shares are up 5% since issue 118/Dec 02 (Long Term Buy - $2.90). The latest result merely confirms our view that this is a good LONG TERM BUY .