The West

Seven West chief executive Don Voelte.
Seven West chief executive Don Voelte.

Seven West Media has posted a first-half loss of $109.3 million after writing down the value of its magazines business, its investment in Yahoo7 and including redundancy and restructuring costs.

Excluding the impairments, the company reported a profit of $142.3 million on revenues of $977.9 million.

Profit before significant items, net finance costs and tax (EBIT) was $259.3 million and EBITDA was $288.7 million.

The company, which owns the Seven television network and publishes The West Australian newspaper, said it had delivered above its market guidance for EBIT of greater than $250 million.

"Despite difficulties in the overall advertising market, Seven West Media delivered an overall EBITDA margin of 29 per cent reflecting the strong performances of the company's key market-leading media businesses," the company said in a statement.

The company will issue a fully franked interim dividend of six cents a share, down from 19 cents in the previous corresponding period.

Seven West said it had reduced its net debt from $2.1 billion when the company was formed two years ago to $1.26 billion.

Chief executive and managing director Don Voelte said the company's businesses were performing well in a challenging market for all media companies.

"We are building our businesses with a focus on our content that delivers audiences and revenue," he said.

"We continue to focus on strengthening our balance sheet, delivering stronger returns for shareholders and deliver market-leading margins in an overall advertising market that continues to be difficult."

Mr Voelte said the company was making good progress on achieving greater efficiencies and managing costs.

"These initiatives will assist in our performance in the second half of 2012-2013 and in 2013-14," he said.

The West Australian

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