Shares in Ten Network Holdings Limited
(ASX:TEN) fell yesterday to the worst performer after the company forecast a 40 per cent profit drop.
The media company’s CEO James Warburton said the first-half results reflect tough trading conditions and a difficult final quarter of 2011 as the company re-set its cost base.
No interim dividends will be paid by the company.
Shares closed at 0.78 cents yesterday, after a drop of 9.3 per cent.
Ten Network reported a net profit of $17.6 million for the year to August 31, 2011.
