Ten reports $243m loss

Ten has reported making a loss of nearly quarter of a billion dollars in the first half of its financial year.

The company reported a net loss of $243m for the half year ending in February. In large part, this was because the company wrote down the theoretical value of its licence. It made an EBITDA (earnings before interest, taxation, depreciation and amortisation) profit of $35m.

However, revenues have been down partly because of the tough market and partly because the network has suffered from poor ratings.

Ten’s CEO Hamish McLennan, said in a statement: “The Ten Board has taken decisive action since December 2012 – including a capital raising and senior management changes – to address the company’s unsatisfactory performance,”