By Ian Neubauer
Pay television supplier Austar is boasting strong financial results for 2007 on the back of skrocketing demand its MyStar set top box with inbuilt digital recorder.
Reported net profit of $77 million for 2007 fell from $201 million the year before— a figure distorted by a one-off tax credit of $243 million and offset by an $84 million adjustment of goodwill.
Austar saw a 13 per cent increase in revenue in 2007 scaled against an increase in operating expenses of only 1 per cent, and 11 per cent subscriber growth driven by the launch of Mystar.
Austar CEO John Porter said 2007 was an excellent year for Austar and its customers, citing increased choice in packaging and content.
“The customer response to MyStar has certainly exceeded our expectations. We plan to end 2008 with in excess of 50,000 MyStar units in the field,” Porter said.
“We know our customers will get more out of their Austar viewing experience once they can enjoy the control that MyStar offers, whether it be recording programs to watch at their convenience or utilising live pause and other features.”
Austar shares dipped 5 per cent today to close at $1.42. No dividend has been declared.