Seven profit down 91%, but….

seven signSevenĀ  made a net profit of $12.5 million for the year, down from $141.6 million in the previous financial year.

Its full-year net profit fell 91.2 per cent due to a writedown of its media assets totalling $98.1 million. Earlier in the year, Seven Media wrote down the value of its stake in the Seven television network to zero and reduced the value of its stake in WA News.

It says its balance sheet is exceptionally strong, with $1.4 billion in cash.

Full year net profit excluding significant items fell 37.7 per cent to $106.4 million.

The company said this reflected the global economic challenges and the advertising downturn.

Seven recently bought a 19.9% stake in Consolidated Media. There is speculation it could launch a full takeover bid.

Source: The Australian, Herald Sun

9 Comments:

  1. I wonder if this bad news announcement will be followed by a good news announcement about their plans for a second SD channel?

    wishful thinking?

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