SYDNEY: The owner of the television network Seven has posted a profit before tax of $39 million for the period ended 30 June 2010.
It's the first result for Seven Group Holdings which was established in April when Kerry Stokes was granted court approval to bring his mining and television interests together in a $3 billion merger.
The merger joined the Seven Network with the mining and construction equipment dealership, WesTrac, which was owned by Stoke's private company, Australian Capital Equity.
The result includes one-off transaction costs of $36 million and borrowing costs of $6 million written off as a result of the formation of the group in April. Total revenue was $2.48 billion, and a fully franked dividend will be paid of 18c per share.
SGH also issued a pro forma result, to reflect a twelve month result, confirming a pro forma group operating revenue of $2.4 billion. Pro forma EBITDA was $239 million (up 7% on the forecasts in the merger scheme documents) and pro forma cash flow was $258 million.
"Seven Media Group's Seven Network is well placed to deliver on its leadership over the coming twelve months following the successful launch of 7TWO and the forthcoming launch of 7mate on its digital platform," the company said in a statement to the ASX this morning.
It added that Pacific Magazines continues to deliver strong results in circulation, readership and ad revenue.
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