Packer and Microsoft joint venture Ninemsn made losses of $22.1 million on revenues of $8.23 million for the financial year ended June 1999.
And it is believed that the internet portal, Australia's largest, increased total advertising and sponsorship sales that year by almost 1000 per cent, to $2.83 million.
However, Ninemsn has said it expects a dramatic boost in sales this financial year. Accordingly, the business lost $7.1 million for the six months to December 1999, an improvement over losses of $10.02 million for the same period the previous year.
Packer-owned Publishing and Broadcasting (PBL) and Microsoft each injected $12.35 million into the company for the 1998-99 financial year.
PBL's stake in the internet company has since been transferred to Ecorp, also owned by the Packer family.