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Nine Entertainment returns to profit

Nine Entertainment has reported a full-year profit of $324.8 million, bouncing back from last year's writedown-driven loss.

Revenue for the year to June 30 was down six per cent to $1.29 billion and underlying net profit was down seven per cent to $120.3 million, although the bottom line was buoyed by a $291.5 million profit on the sale of the Nine Live business.

Nine said the metropolitan free-to-air ad market was expected to be "flat to down marginally" over 2016/17, and declared a fully franked final dividend of four cents per share, taking the full-year dividend payout to 12 cents.