The TEN Network has reported an $89.4 million loss for the 12 months ended August 31st, down from a $274m profit the year before.
Operating earnings dropped 30 per cent to $151 million as television earnings slid 32 per cent, TEN said. But the network sees itself on the road to recovery.
”We are seeing, and it’s very pleasing to see, further strengthening signs in the revenue market after the times that we’ve been through, and there is an increase in demand levels clearly coming through in recent weeks,” Executive chairman, Nick Falloon told analysts.
CEO Grant Blackley said MasterChef Australia, Talkin’ bout Your Generation, Merlin and Recruits had been the network’s best performers over the past year, and the 2010 Commonwealth Games would be the year’s biggest sporting event for Australian advertisers.
Next week the channel unveils its 2010 Programming highlights.