Seven West Media reports $135m profit
Seven moves back into the black amid a flat TV market and calls to remove TV licence fees.
- Published by David Knox
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- Filed under News
Seven West Media has reported a first half net profit of $135.2 million.
The result turns around a $993.6 million loss a year earlier after major writedowns worth $1.15 billion.
The profit comes amid a flat metro TV market and renewed calls to remove television licence fees.
EBITDA of $229.3 million is down from $250.7 million in the prior corresponding period with EBIT of $205.4 million down from $226.9 million in the prior corresponding period.
Total television revenue is down 2%, equivalent to $14.3 million.
CEO and Managing Director of Seven West Media, Tim Worner, said: “Today’s result in an extraordinarily competitive and rapidly changing market is positive. We are delivering leadership in broadcast television, and our digital and publishing businesses continue to deliver market-leading margins.
“Our company’s focus is clear: driving home our leadership in content creation and to use the strengths of our media businesses to drive better outcomes for our audiences and our advertisers on digital platforms. We are building and transforming our businesses, managing our costs, focusing on our core strength of content creation and rapidly expanding our presence across all communications devices.
“Our objective is leadership in content and leadership in delivery across our media platforms. Our focus is firmly on the delivery of results for our shareholders. We will continue to invest in our content and our businesses. We will continue to be rigorous in our cost management. We will also accelerate our moves into new forms of delivery to audiences building on the success of our live streaming, our PLUS7 presence and our Presto partnership with Foxtel.”
One Response
I think I would charge them more as 7 and Stokes move toward a monopoly position in WA provided NEWS sell the Sunday Times its called a newspaper but an advertising pamphlet is a better description.
Then in the West the thoughts of Chairman Stokes and his political leanings(Liberal) will control Ch7,the West Australian Mon to Sat,if he keeps the Sunday Times that’s all week,also radio with Fairfaxs 6PR who employ ex Ch7 West Australian people on air
not a good situation