Prime time for shares

SHARES in Prime Media have surged again after the regional television broadcaster upgraded its profit forecast on the back of the Federal Government’s announcement of a cut in licence fees.

Prime now expects an underlying profit of between $33.5 million and $35 million for the financial year, compared to a previous forecast of $29.5 million to $31 million. Its shares jumped 5.8 per cent to their highest level in more than a year, closing at 36.5¢.