Seven West falls to $109m loss
Market watch top headlines
SYDNEY, Feb 20 AAP
February 20 2013, 09:15AM
Seven West Media has posted a loss of $109.3 million for the first half of the financial year because of restructure costs and the lower value of its magazines.
Seven West, the owner of the Seven Network and West Australian newspaper group, took charges of more than $255 million in the six months to December 31 relating to redundancies and writedowns on its magazines and investment in Yahoo!7.
The loss compares to a $163 million net profit in the previous corresponding period.
Earnings before significant items, net finance costs and tax (EBIT) in the six months to December was $259.3 million, above its previous guidance of $250 million.
"Good progress is being made on driving greater efficiencies across our business to manage our costs," chief executive Don Voelte said in a statement on Wednesday.
"These initiatives will assist in our performance in the second half of 2012/13 and in 2013/14."