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.


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