Free-to-air television operator Ten Network lost $168.3 million in the year to the end of August.
The result is a more than 40% improvement on the $284.99 million loss of the previous year and Ten says it’s been able to increases its audience size for the first time since 2011.
The company has net debt of $80.5 million.
But it also has a four-year $200 million debt facility guaranteed by TEN’s major shareholders associated with Bruce Gordon, Lachlan Murdoch and James Packer.
Hamish McLennan, executive chairman and CEO, says revenue and costs results are in line with previous guidance provided to the market.
Television revenue decreased by 4.2% to $601.7 million. Television costs were $5.5 million, or one percentage point, lower than expected.
From May this year, TEN has seen ratings growth due to the success of programs such as MasterChef Australia, Offspring, The Bachelor Australia and The Living Room.
The scheduling of Family Feud at 6 pm has delivered strong ratings and improved audience flow into The Project, which has also grown audience in both half hours.
MasterChef Australia was up 31% on 2013, The Bachelor Australia grew on last year and became a pop culture phenomenon, and The Project recently posted its biggest ever audience.
TEN has announced several new shows for 2015, including the ITV hit I’m A Celebrity… Get Me Out Of Here!, Shark Tank and the return of V8 Supercars to TEN.
Advertising market conditions remain short but the metropolitan free-to-air television advertising market is expected to show marginal growth during 2014-15.
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