PYRMONT: Australia's third largest broadcaster Ten Network Holdings announced a profits plunge of 56.8% to A$45.8 million ($34.52m; €27.58m; £18.49m) in the year ended August 31.
The eyewatering plummet was caused by an 8.9% fall in revenue to A$764m at Ten's TV unit, while aggregated revenues from TV and outdoor advertising were down 6.6% at A$891.45m. Overall costs rose 4.3% to A$641m, in line with forecasts.
Executive chairman Nick Falloon professed optimism that Ten would lift its share of the TV ad market to 30% within the next year, an ambitious target given that its share was 27% for the half-year to June.
Data sourced from Sydney Morning Herald; additional content by WARC staff