Seven West Media profits rise despite revenue dip as TV strengthens

Revenues for the Seven West Media Group dropped in the first half of the financial year by 1.2 per cent, but profits were up 5.5 per cent due to a series of write-downs made this time last year by the group, buoyed by a dominant position in the TV advertising sector.

Overall profits rose to $150m from $142m in the same period in 2012, although massive write-downs on a series of assets meant the group posted a loss of $109m this time last year.

TV still accounts for around 70 per cent of the earnings for the Kerry Stokes controlled company, with advertising on the medium up 2.9 per cent to $606.1m, and overall revenue for  it up to $683m, a 2.3 per cent rise. However, revenue for Pacific Magazines dropped $7.3m.

Its newspaper The West Australian saw circulation revenues drop five per cent, but advertising revenues nosedive 14 per cent to $100.6m for the six months.