Ten Network of Australia turns around

SYDNEY: Australia’s third ranked television broadcaster, Ten Network Holdings Ltd, has swung back to profitability, buoyed by a pick-up in advertising on the back of its youth-oriented programming. 

And Ten, which has boosted ratings with a series of new shows, said its new financial year was off to a strong start with television revenue up more than 20% in September and October, and with November advertising bookings ahead of last year's. 

For its 2002/03 financial year ended August, Ten's net profit came in at A$89.04mil versus a A$108.6mil loss the previous year, when it had to write down goodwill related to its Eye Corp outdoor advertising arm. 

Group revenue rose 10% to A$732.7mil, with TV revenue up 12.3% as the company lifted ratings and advertising market share. 

The firm said its earnings before interest and tax were 32.5% higher at A$193.3mil, mainly due to a deferred tax credit it booked for the year. 

Ten had a A$62mil tax benefit for FY 2002/03 as a result of tax law changes, of which it would pay out A$45mil as a 5.5 cents per share special dividend. – Agencies  

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