Seven West Media posts $149m profit
Seven is up $149.2 million in profit, compared with a loss of $69.8 million last year.
- Published by David Knox
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- Filed under News
Seven West Media yesterday posted a net profit of $149.2 million for the year ended June 28th, compared with a net loss of $69.8 million the previous year, due to a write-down of magazine assets.
It increased television revenues to $1.306bn, up 3% year on year. TV earnings before interest and taxes grew 7.5% to $312.1m.
Fairfax reports Revenue fell by 1.2 per cent to $1.84 billion, slightly below expectations of $1.85 billion, while earnings before interest, tax, depreciation and amortisation fell 4.5 per cent to $458.2 million.
Seven’s television EBITDA grew by 5.2 per cent to $336.2 million, benefiting from the company earning a record 40.5 per cent share of the metropolitan free-to-air advertising market for the year ended June 30, 2014. The company recorded a TV EBITDA margin of 25.7 per cent.
Seven will  combine newsrooms of The West Australian and Perth TV news operation.
“Perth will have Australia’s only fully integrated newsroom producing a metropolitan daily newspaper, commercial TV news bulletins, public affairs programs, a website and other digital products,” CEO Tim Worner said.
Seven also confirmed it is in advanced discussions with potential partners to offer a subscription video on demand service.
2 Responses
@alvar – you’re still reading yesterday’s news on dead trees?
The West newspaper has become very biased since the merger. Feature articles sometimes appear in the news pages on this week’s Sunday Night story, or an X Factor appearance in the shopping centre. In the entertainment liftout there is a daily recap of Channel 7 reality shows, while other networks hardly crack a mention.