Ten reports $243m loss
Ten has reported making a loss of nearly quarter of a billion dollars in the first half of its financial year.
The company reported a net loss of $243m for the half year ending in February. In large part, this was because the company wrote down the theoretical value of its licence. It made an EBITDA (earnings before interest, taxation, depreciation and amortisation) profit of $35m.
However, revenues have been down partly because of the tough market and partly because the network has suffered from poor ratings.
Ten’s CEO Hamish McLennan, said in a statement: “The Ten Board has taken decisive action since December 2012 – including a capital raising and senior management changes – to address the company’s unsatisfactory performance,”
“We are clearing the decks and preparing for the future. The management of Ten is focused hard on maintaining strict cost disciplines while stabilising the company’s revenue and improving its ratings performance.”
The results were in line with the market’s expectations. Ten shares rose on the ASX – up to 31c from their opening of 29.5c. The company currently has a market capitalisation of just under $800m.
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“The Ten Board has taken decisive action since December 2012” and yet Lachlan Murdoch is still there.
What a complete balls up he has made of Ten in the last few years, and no longer fronts up for earnings announcements. Someone near the Ten board please shout: “The baby emperor has no clothes”.
I keep hearing a jingle over and over in my head “…you’ll tell your friends about One Tel”.
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Hmm – The implication of this statement is that Warburton is to blame for the programming failures of Network Ten?? Is everyone completely sure that he made the decision to dress Murdoch’s wife like a teenager and get her to host a So You Think You Can Dance.
Somehow I’m not sure the right person copped it for bad programming decisions.
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