Finance Finance News Ten’s FY net losses balloon to $280m

Ten’s FY net losses balloon to $280m

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Ten Network Holdings’ full-year loss has blown out to $285 million amid one-off writedowns and falling revenues.

The company made a net loss of $285 million for the 12 months to the end of August 2013, which followed a $12.9 million loss for the previous year.

Ten suffered a 22 per cent decline in revenue, taking in a total of $673 million for the year.

It was also hit by one-off writedowns worth $336 million, mostly relating to its television business.

Chief executive officer Hamish McLennan demonstrated how much needed to be done to turn around the company’s core performance.

He said Ten was keeping costs under control while investing in new content to boost ratings.

“Ten’s management needs to focus on investing in its strategy to build ratings, while maintaining cost disciplines in other departments,” he said.

He said the company was investing in premium sporting events, such as the Sochi Winter Olympics and was about to launch a new breakfast and morning television line-up as part of an effort to capture the 25-54 year-old demographic.

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