Seven West Media has reported a net profit of $149 million for this financial year, after incurring a $70 million loss in the 2013 financial year.
Total revenue for the year was $1.86 billion, a slight decline from the previous 12 months, with Seven Network accounting for more than 70 per cent of overall revenue after strong growth.
Net profit after tax, excluding significant items, was $236 million for the year.
Seven West Media CEO Tim Worner said of the result: “It underlines our strength as an integrated media company across broadcast television, publishing and new forms of digital delivery.
“We are delivering leadership in broadcast television and our publishing businesses continue to outperform their peers.”
Seven West saw revenue declines in its newspaper and magazines businesses, with The West Australian’s revenue falling 12 per cent to $265 million and Pacific Magazines seeing a decline of 7 per cent to $238 million.
In the company’s annual report, Mr Worner expressed confidence in The West and Pacific Magazines, while indicating a further drive towards the company’s digital brands.
“Our objective is to continue to build our brands through print, digital, social media, events and other media,” he said.
Fairfax Media and Nine Network have launched a joint venture in a video streaming service to be called StreamCo – read more here.
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