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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