Seven West Media reports net loss of $745m as Pacific Magazines’ revenue falls 16.5%
Seven West Media has reported a net loss of $745m for fiscal year 2017, a $929m turn around from last year’s net profit of $184m.
EBITDA (earnings before interest, tax, depreciation and amortisation) was $306.7m, down from $363.5m in the prior corresponding period. The company expects EBIT to fall 5% for FY18.
Pacific Magazines used to be a glorious place to work. That all changed when Nick Chan left. Ask anyone and I’m sure they will agree. I, like so many, would never go back there. Nice read Mumbrella.
You should try Bauer then
“has rapidly improved the digital offering of the business”
Laughable,
the website doesn’t even have a search function and looks more like a channel 7 website than the west australian.
and have you seen the Travel Club and WestPix sites. These guys are living in a different universe if they think they can make substantial revenue from this lot.
What was the write down that caused the loss?
Yahoo!7 moving to 7 Wests’s Alexandria HQ (from their Walsh Bay) now makes sense. It looks like 7W are takeing them away from their own space in a cost cutting measure.
Hate to be Ed Harrison right now.
Mind you, He has had enough time to create the right strategy to steer the business away from these kinds of losses…. isn’t that why you employ executives like him?
Poor Tim Worner did not get his bonus this year, with remuneration ‘earned’ at $2.740m, down from last year’s $3.195m.
Considering there are Assistants working 3 floors beneath him at Pyrmont earning $40,000 per year or 68 times less, to actually get bookings processed on antiquated systems and equipment due to budget cuts and who haven’t had a salary review or pay increase in years, you really have to feel for the guy don’t you…..