Network Ten posts half-yearly profit of $13.5m

Network Ten has today trumpeted benefits from the merger of its sales operation MCN, by posting a $13.5m half-yearly profit.

In its half-yearly update, Ten’s revenues were up 7.9% with the TV network noting this came despite a 1.7% decline in the capital city free-to-air TV market during the period.

Ten CEO, Paul Anderson, said in a statement, he was pleased with the results: “Our clear strategy of investing in fresh and innovative prime-time content and expanding strategically our digital media business, tenplay, is producing encouraging results.”

Ten’s results showed its earnings before interest, tax, depreciation and amortisation (EITDA) was $10.1m higher than the $7.5m of last year, revenues were up $24.4m to $334.2 million and costs increased 6.6%.

The result comes after a big year for Ten with Foxtel last year taking a 15% stake in the business and taking on its sales operation through saleshouse MCN.

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Ten’s profit result was boosted by $23.3m in significant items most resulting from the net gain of $24.8m on the sale of the company’s Eye outdoor business in the US.

“Our audience increased 11% during the summer thanks to the success of the KFC Big Bash and the successful launch of I’m a Celebrity Get Me Out of Here and the X Files,” said Anderson on an investor call this morning.