Kerry Packer was earning a premium of $1 million a day for 2005

Submitted by Share Trading on 30 December, 2005 - 09:29

Media and gambling magnate Kerry Packer was making more than $1 million a day in profits in the final year of his life, corporate documents show.

Kerry Packer earned $393 million in the past financial year in profits from private investments in property, plastics, chemicals and cattle, according to financial statements filed with the Australian Securities and Investments Commission.

The figures, published in newspaper reports, show the 68-year-old Packer made an average $7.8 million a week in the past year, largely underpinned by some 258 million PBL shares.

This was on top of hundreds of millions of dollars Kerry received in sharemarket dividends.

Three of Kerry Packer's companies, Samenic, Bareage and Consolidated Press Holdings returned a 2005 profit of more than three times the $120 million reported for 2004.

In particular, Samenic's $347 million sale of its Hoyts cinema business to a consortium comprising West Australian Newspapers and PBL helped boost its net profit from $9.8 million to $228.5 million.