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Date Posted: 02:56:20 04/09/13 Tue
Author: excludes one-off write downs, was $6.8 million. (underlying profit, which)
Subject: net debt of $1.2 million at the end of February.Ch 10 1st Half Tuesday 9/4/2013

.ads not by this site .....YOUR FRIENDS' ACTIVITYprev next .....YOU ON YAHOO! FINANCEYour Activity |Social: OFFON Turn Social ONRemind me when I share|Options What is this?Not you? Log out of FacebookHow to remove this experience.......Ten admits Bingle bungle in $243m loss

By online business reporter Michael Janda | ABC – 7 hours ago
....Email 0Recommend2Tweet1Share0Print.....
Struggling television network Ten has swung to a $243 million loss on falling revenue and large write-downs.

The broadcaster's first-half loss for the six months to the end of February was well down on a $14.8 million profit in the same period a year earlier.

Ten blames $304 million in one-off write-downs, including a $292 million reduction in the value of its television licences, for the bulk of the loss.

However, Ten's new chief executive officer Hamish McLennan, who has only been in the top job for around three weeks, says poor ratings and a resultant 16 per cent fall in revenue also hurt the company.

Mr McLennan singled out some of network's significant ratings flops last year as a significant cause of the revenue slump, and says he is looking to reach out to an older audience as well as maintaining the network's traditional youth market.

"The extreme youth focus that led to programs like The Shire and Being Lara Bingle being commissioned is not quite right for us," he said.

"That's an anecdotal comment at this point in time.

We will always be fun and irreverent, we will have a younger skew relative to the competition, but we might just bump it up a little bit." Cost cuts Mr McLennan says the network will also retain a strong focus on cost management in an attempt to restore profitability.

"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," he noted in a statement.

"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 network has cut its television costs by almost 11 per cent over the past year to $247 million, after several rounds of job cuts, with .

Ten has also reduced its net debt by $262 million in the first-half after raising more money from shareholders and , leaving it with net debt of $1.2 million at the end of February.

The company also said underlying profit, which excludes one-off write downs, was $6.8 million.

However, Mr McLennan says investors should not expect a spectacular turnaround, with the free-to-air television and advertising markets still very weak.

"The support we are receiving from advertisers is encouraging," he said.

"However, media advertising markets remain short and it is not clear when we will see a marked improvement in trading conditions." Despite the large loss, Ten's shares were up 4.1 per cent to 30.7 cents by 10:28am (AEST).

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