Seven West Media
(ASX:SWM) has dived to a $745 million loss after tax in the 2017 financial year, after it recorded $990 million in write-downs.
Its swing into negative profits followed its $184.3 million 2016 statutory profit.
The biggest weight on its almost $1 million write-down came from its television business, which was impacted by softer free to air market conditions.
The group’s revenue fell almost 3 per cent to $1.67 billion over the financial year.
Its earnings before interest and tax also copped a hit, falling almost 18 per cent to $261.4 million.
The media giant declared a final ordinary dividend of 2 cents per share, payable on 18 October. 2017.
Shares in Seven West Media
(ASX:SWM) are trading over 5 per cent lower to 75 cents.
