Seven West Media profit down 90%

A file photo of Seven West Media chairman Kerry Stokes (L) and CEO Tim Worner (R). Mark Metcalfe/Getty Images

Seven West Media’s profit is 90 per cent lower in the first half of this financial year compared to the same period last year, primarily due to $83.3 million of impairments related to Yahoo7, the failed Presto joint venture, selling Sky News, and selling youth magazine titles.

Net profit for the July to December period was $12.4 million, compared to $135.2 million in 2015-16. Even without significant items the net profit was down 30 per cent at $146 million, compared to $205 million.

The company will pay an interim of 2 cents per share, compared to 4 cents last year.

“We are delivering on a successful strategy that provides us with a clear, continuous and sustainable plan for growth to 2020 and beyond,” chief executive Tim Worner said in a statement to the market.

“We will continue to build our businesses, manage our costs, grow our content production capacity, and deliver that content wherever the audience wants to consume it and wherever we can monetise it.”

Revenue was up just 0.9 per cent to $903 million. Television network Seven delivered $697 million of revenue, The West Australian and Sunday Times newspapers about $108 million, and Pacific Magazines $92 million.

The result comes with the network embroiled in a legal battle with former Seven executive assistant Amber Harrison, who had a consensual sexual relationship with Mr Worner for two years from 2012.

This article first appeared on Business Day. See the original article here. Follow Business Day on Facebook and Twitter.

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