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Casinos Keep Packer Family in Black

10 September 2004

AUSTRALIA – As reported by the Australia Age.com: "The Packer family's private company paid dividends of $40 million in 2002-03, despite net profits from its wide-ranging investment portfolio dropping $51.3 million to $19.3 million.

"Accounts lodged with the Australian Securities and Investments Commission show that Consolidated Press Holdings - with investments in media, resources, chemicals and financial services, among others - suffered a revenue decline of 18 per cent to $176 million in the year to June 30, 2003.

"Pushing the company into the black was $48 million in dividend income, yielded mainly from its 37 per cent stake in media and gambling giant Publishing and Broadcasting Ltd and from its financial services investment. That compared with just $18 million a year earlier…"

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