Feb 20, 2013

A loss for Seven West, but solid profit for top-rating TV

Seven West Media's share price dropped this morning after it's latest half-year results came out. It reported a loss of $109 million, after accounting for several hundred million in asset impairments, writedowns and the value of Yahoo7.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

Seven West Media’s shares got hammered today as investors took fright at the latest interim result that showed a credible effort from the Seven TV network business. Investors didn’t like a slashing in the dividend from 19c a share to just 6c in the latest half year. The $255 million of goodwill, intangible writedowns, impairment of magazine assets and the value of the Yahoo7 joint venture also came as a surprise.

By just after 11am this morning, Seven West Media shares had fallen 21c to $2.31, after rising on Tuesday by 12c to $2.52. There would be some aggrieved buyers in that lot.

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