Seven West forecasts profit plunge
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Seven West Media has told shareholders it expects to record lower first half earnings for the first half in a difficult media market.
Chief executive Don Voelte said at the company's annual general meeting that the diversified media group is forecasting operating earnings before interest and tax (EBIT) of $250 million for the first half of the fiscal year.
Several million dollars would be taken off that for one-time restructuring, as the group seeks to slash costs.
Mr Voelte said the board and management would have no "no emotional attachment" to any part of the business when it cut costs.
Seven West has four divisions, including West Australian Newspaper and Seven Network TV.
For the first half last year, Seven West achieved EBIT at the high end of company guidance at $309.7 million.