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TEN pockets $58.7m profit

Clear signs of a recovery in television advertising markets as TEN announces a $58m profit for the six months to February.

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TEN has recorded net profit of $58.70 million for the six months to February 28, 2010.

It reflects clear signs of a recovery in television advertising markets.

The improvement for TEN Network Holdings Ltd compares with a net loss of $79.7 million recorded in the prior corresponding period.

Executive chairman Nick Falloon said the results reflected improving operating conditions, “notably a considerably stronger second quarter when television revenue grew by more than 12 per cent compared to the same period last year”.

TEN posted earnings before interest, tax, depreciation and amortisation (EBITDA) of $117.46 million, down 1.2 per cent from the prior corresponding period.

Revenue rose 1.3 per cent to $474.34 million.

TEN was recently reported to have sold advertising and sponsorships worth $25 million in revenue for the second series of MasterChef, 10 times the $2m-$3m secured in sponsorships last year.

Licence fee relief for Australian commercial television operators recently announced by the federal government is likely to be reflected in full-year results, the company said.

Souce: smh.com.au, The Australian.

5 Responses

  1. I have mixed feelings on this. On one hand Ten really do not deserve a profit as their shows and demos have been disastrous this year and a profit just reinforces to them to keep the status quo (I.E. mediocre programmes that are failing), but it seems the only reason they are up is due to selling Masterchef advertising spots, which means come to the end of the year they will probably be struggling again.

    Coupled with the fact Conroy and his ‘handout’ should not be happening again this year, I can’t see Ten riding the success bandwagon for too long.

  4. Where are all the whiners saying Ten can’t run a FTA network. ONE HD a flop, maybe the accounts say otherwise. No Ten HD, ditto.

    Sure it’s nice to have Ten HD but thw world moves on (except for the few)

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