Seven West posts $109.3m loss
Media giant Seven West has reported a loss of $109.3m.
A company restructure, a fall in value in magazine publishing arm PacMags and investment in internet joint-venture Yahoo!7 are mostly to blame for a difficult set of financial results for the six month period to December 2012.
The owner of TV station Seven and the West Australian newspaper took impairment charges of $255.4m across the group, writing down its magazine assets – which include Men’s Health, Famous and Marie Claire – by $195.2m.
Its investment in Yahoo!7 cost $60.2m, the company is reporting.
Redundancy and restructuring costs were valued at $5.3m.
Television was its best performing division, with revenue up 1.6 per cent over the last corresponding period to $666.1m.
Newspaper revenue fell the furthest, down 14.9 per cent to $158m for the period.
Group revenue was down 3.4 per cent to $977.9m.
Seven West’s first half performance by division:
The company reported that net debt in December 2012 stood at $1.3bn compared with $1.9bn in June last year.
