Seven’s group profits are halved
In the company’s latest round of financial figures, the profits of Seven Group Holdings have halved.
A write down in the value of the company’s media investments has been blamed in part for a 52% slump in net profit after tax in the six months to 31 December 2011, despite a 29% increase in revenue to almost $2bn.
Seven Group’s brands include Pacific Magazines, Yahoo!7, West Australian Newspapers as well as the Seven TV Network.
The company’s TV operation, which won every official ratings week last year, saw a revenue decline of 1%.
Its newspapers saw a revenue slide of 1.6% while magazine revenue was down 6%.
Yahoo!7 was the star performer with revenue up 40%.
Pity that 40% online rise is too little, too late.
MSM is a slow motion train-wreck and barely an example exists in Australia of ANYONE who has adapted to the digital environment well.
It’s like watching a heard of elephants wandering aimlessly towards the tar pit.
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