Seven West H1 writedowns lead to $1B loss

Company News

Hefty writedowns have pushed Seven West Media Limited (ASX:SWM) to a loss of almost $1 billion in the first half of the 2015 financial year. 
 
The media company who own the Seven Network and Pacific Magazines swung to an interim net loss of $993.6 million from a profit of $150 million the year before. 
 
Revenue fell 3.4 per cent over the year with broadcast TV revenue dipping 1 per cent, magazine revenue declining 7.8 per cent and newspaper revenue dropping 10.3 per cent. 
 
CEO Tim Worner says the result reflects the tough economic conditions impacting consumer confidence and advertising expenditure over the past six months. 
 
A fully franked interim dividend has been maintained at 6 cents per share. 

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