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Ten sees profit rise in first half results

Ten Network Holdings has reported underlying group net profit after tax of $58.7m in the six months to February 28, up from $56.8m in the corresponding period last year.  

However, earnings before interest, taxes, depreciation and amortization (EBITDA) fell slightly by 1.2 per cent during the period to $117.5m.

In other results, EBITDA for its TV business rose 3.5 per cent to $110.2m, while it also managed to take a 30 per cent ad revenue share in the six months to the end of December.

The network is hoping the return of MasterChef on its main channel in April will give it a much needed ratings boost. New shows to launch this year are Junior MasterChef, Hawke and newly commissioned series of Offspring and Keeping Up with the Joneses.

Ten’s out-of-home business Eye saw operating revenue fall by 9.4 per cent to $78.6m, while EBITDA was up from $5.3m in the 2009 period to $7.8m.

Ten Holdings’ executive chairman, Nick Falloon, said: “These first half results reflect the continual improvement in external operating conditions, notably a considerably stronger second quarter when television revenue grew by more than 12 per cent compared to the same period last year.”

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