Ten Network has reported a plunge in first half net profit that came in below market expectations amid tough advertising markets.
The television broadcaster said net profit for the six months to February 29, 2012, fell 70.1 per cent to $14.8 million, compared with the prior corresponding period.
The result was well below market consensus of $22.6 million, according to a median of six analysts' forecasts gathered by AAP.
Revenue fell 10.9 per cent to $432.7 million, Ten said.
Ten chief executive James Warburton said the half-year result reflected the tough conditions in advertising markets.
"Advertising markets were soft, particularly in late 2011 and early 2012," Mr Warburton said in a statement.
More to come