Seven West posts $149.18m net profit, following last year’s writedowns
Seven West Media has today posted a $149.18m net profit, with the group’s print, magazine and digital division continuing to drag down the company’s growth and profit.
Revenues are down 1.2 per cent to $1.84bn while the underlying net profit was up 5 per cent to $236.2m. This was on the back of last year’s write downs in the value of its magazine business and joint venture Yahoo!7, which saw the company post a net loss of $69.8m.
While television revenues, which account for around two thirds of the groups revenues, were up 3 per cent to $1.3bn the ASX report shows EBIT in the magazine division down 30.4 per cent to $20.4m from $29.3m last year, the newspaper division Western Australian Newspapers down 23.9 per cent to $65.9m from $86.6m and digital assets Yahoo!7 and Quokka EBIT were down 37.7 per cent to $9.8m.
“This is a positive result in challenging market conditions,” said Tim Worner CEO of Seven West Media, in a statement.
Magazines drop a massive 30% and they promote the boss with a $170k per year pay rise.
Are you sure this isn’t the report from Fairfax?
That’s odd, SMH says “Seven’s digital joint venture with global technology giant Yahoo!, Yahoo7, grew EBIT by 18.7 per cent to $32.9 million, on sales of $100.6 million, a 6 per cent drop.” (http://www.smh.com.au/business.....z3C5x1iF4B)
So who’s correct?
EBIT was $32.9 for Yahoo7 in total (as a JV) … however ‘Other’ was $9.8m as reported above (which includes digital and also removes the % owned by JV partners etc)
Confusing in how it’s reported by SWM but reported correctly above.