Printing and distribution earnings totalled $30.9 million, down 35 per cent, while graphic arts dropped 64 per cent to $1.5 million. Magazine distribution earnings climbed 150 per cent.

While the trend was decidedly downward, PMPís sale of UK-based Attic Futura for $16.7 million plus $3.3 million in restructuring costs, meant that net profits closed slightly up from $28.3 million in December 2001 to $29.6 million.

According to PMP chairman Graham Reaney, progress has been made to close the $30 million gap that has occurred over the past two years and is hopeful of bringing the companyís earnings back to within the market expectations of between $48 million and $54 million.

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