Ten posts $58.6m half-year profit
March 31, 2010
Ten Network Holdings Limited (TEN) has reported a $58.6 million profit for the six months to 28 February, a swing from an $80 million loss in the previous economic period. However, more significantly, the network said its underlying post-tax profit rose a more modest 3%, to $58.7 million, from $56.8 million.
Executive chairman, Nick Falloon, said the result was slanted more towards the second quarter, reflecting an improving outlook for the market.
"These first half results reflect the continual improvement in external 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,” Mr Falloon said.
”In an improving market, with strong advertiser renewals and a proven schedule, Network Ten is striving to deliver another successful year in 2010.”
Mr Falloon said revenue would be lifted by strong demand in the second six months of FY10, while noting that the impact of the government’s decision to offer up to $250 million in tax relief across the networks had not been included, adding that would be applied retrospectively from January 1.
Looking at the results, group revenue was $474 million, up from $467 million in the previous corresponding period.
However, EDITDA fell to $117.5 million, from $118.9 million.
Despite the return to profit, the board has declined to offer a dividend for the six months saying the company would reconsider its dividend policy when a new board starts in July this year.
At 1324 AEDT, Ten shares were 3.5c higher at $1.89.
Executive chairman, Nick Falloon, said the result was slanted more towards the second quarter, reflecting an improving outlook for the market.
"These first half results reflect the continual improvement in external 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,” Mr Falloon said.
”In an improving market, with strong advertiser renewals and a proven schedule, Network Ten is striving to deliver another successful year in 2010.”
Mr Falloon said revenue would be lifted by strong demand in the second six months of FY10, while noting that the impact of the government’s decision to offer up to $250 million in tax relief across the networks had not been included, adding that would be applied retrospectively from January 1.
Looking at the results, group revenue was $474 million, up from $467 million in the previous corresponding period.
However, EDITDA fell to $117.5 million, from $118.9 million.
Despite the return to profit, the board has declined to offer a dividend for the six months saying the company would reconsider its dividend policy when a new board starts in July this year.
At 1324 AEDT, Ten shares were 3.5c higher at $1.89.
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