Ten reveals 20% profit drop

Ten’s TV profits have dropped by more than 20% on last year, the company has informed the market.

Compared to TV profits of $194.2m in the 2010 financial year, this  year the EBITDA number has closed at an estimated $153m.  

For the company’s outdoor business Eye, profits have grown from $15m to $18m, the company said. This is because although outdoor revenue declined in the period, the division reduced its costs by even more.

As a group, profits are likely to be $171m compared to last year’s $208.1m.