Seven Network Ltd
(ASX:SEV) has reported a jump in first half profit to $509 million as it announces a merger with heavy machinery group Westrac Holdings.
However, excluding significant items the media operator made a profit after tax of $40.6 million, down 47.4%.
The soar in profit for the half-year was due to $620.5 million net fair value gains and impairment loss reversals concerning the company’s investments in Seven Media Group, West Australian Newspapers, Consolidated Media and other investments.
The company’s merger with Westrac will see the creation of a diversified operating and investment group called Seven Group Holdings.
Seven Network reported a profit of $12.49 million for fiscal 2009.
