Network Ten returns to profit
Network Ten has reported underlying profits of $4.5m for its past financial year, the company’s first profit in three years.
The positive result for the network comes as it grew its television revenue by 7.4% to $674m.
Ten said the increase in TV revenue came despite a 2.9% decline in the capital city free-to-air TV market during the same period. The increase included growth of 19.6% from Ten’s online catch-up and streaming service Tenplay.
Bit of a misleading headline. They made no profit in 2016, they actually made a loss of $154 million! EBITDA is not profit – even excluding their license write-down, they still made a loss.
It’s a positive sign but it looks like they’re not out of the woods just yet…
More accurately, TEN managed to halve last year’s loss.
But if they go on with this kind of “return to profit”, they will be out of business.