Seven West Media posted a full-year loss of $70 million, following a $221 million write down on its magazine business.
There also was a $60 million impairment on the Yahoo!7 digital businesses, also well as redundancy and restructure costs of about $300 million.
With the exclusion of on-off items, the company’s underlying profit was $225 million, down almost one per cent from the previous year.
Revenue fell 3.6 per cent year on year to $1.867 billion, slightly below Bloomberg consensus estimates of $1.899 billion, but slightly above previous market guidance.
Seven West Media chief executive Tim Worner praised the result. “Our operating margins are healthy, our focus on leadership in content delivery across our business is good and our well defined management of our costs places us in the strong position to meet the challenges of the coming 12 months.”
Mr Worner said the television arm of the company had remained strong and, although the print publications had experienced a drop, they were still out performing their peers.
Newspaper earnings were down more than 25 per cent to $87 million, while earnings from magazines were down almost 27 per cent at $29 million.
“The company’s objective over the coming 12 months is to further strengthen our financial performance in a challenging advertising market,” Mr Worner said.
Seven West Media lists the Seven Network, Pacific Magazines and West Australian Newspapers among its assets.