The half year report demonstrated the quality of MRN's Sydney...

The half year report demonstrated the quality of MRN's Sydney radio assets with yet another strong performance. The net profit ( $ 2.3 M ) was impacted by MTR losses and Fairfax bid costs. If not for these inclusions the net profit would have been nearly double this figure.
MRN Management are taking steps to address the budget for MTR to make it more sustainable. The bid cost for Fairfax was a one off cost which will not re-occur.
RT is being very conservative with his estimates for the 2nd half, in my opinion, and I am expecting MRN to outperform this margin.