Ten Network has reported a full year loss and double-digit decline in revenue for fiscal 2012.
The broadcaster and outdoor advertising company said it recorded a net loss of $12.9 million for the 12 months to August 31, 2012, compared with net profit of $14.2 million in the previous corresponding period.
Ten's full year result came in well below market expectations of $15 million net profit.
Revenue declined 13.7 per cent to $861.8 million, Ten said in a statement, adding that it didn't expect to pay a dividend for 2012.
Ten chief executive James Warburton described the result as disappointing.
Mr Warburton said the company's strategic, operating and news review aimed at further reducing costs, announced earlier in 2012, was ongoing.
"Undoubtedly, we are operating in challenging market and competitive conditions, which have impacted our revenue performance,” Mr Warburton said in a statement.
He said many of Ten's core programs had performed well, "underpinning our confidence that our performance can be improved".
Ten said it had reduced television costs (excluding selling costs) by 6.6 per cent in fiscal 2012, better than its 5 per cent target given in April 2012.
The company said that, as a result of the review, it had reduced guidance for television cost growth for fiscal 2013 to less than the consumer price index, from the mid to high single digits previously.
Ten said the reported net loss was affected by $23.7 million in non-recurring costs, including redundancy costs, impairment charges on its outdoor advertising business and writedowns on its investment in OurDeal Pty Ltd.
Ten's television network, which generates the bulk of earnings, suffered a 14.5 per cent fall in revenue amid soft ratings.
"While our overall ratings performance this year has not been good enough, we are working hard on improving it,” Mr Warburton said.
"Next week, we will start a series of presentations to advertisers and media agencies around the country to showcase our 2013 programming strategy and plans."Ten shares were up one cent, or 3.23 per cent, to 32 cents at 7.10am.
The new magazine for a new generation of West Australians.Click here to download »
All the latest market figures from Australia and the world.Click here »
'The West Australian' is a trademark of West Australian Newspapers Limited 2013.
All rights reserved.
Select your state to see news for your area.