Seven West Media posted half year statutory net loss after tax of $66.35 million in a "challenging" advertising market.
This compares to a profit of $83.4 million for the same six months the year before.
Revenue over the half year to December fell 3.2% to 772.42 million.
Excluding significant items, profit for the latest six months was $69.26 million, down 22%.
No dividends were declared.
In early trade on the ASX, Seven West shares fell 11% or 3 cents to 23 cents each. The company's market capitalisation at just under $400 million is less than Seven West's net debt of $569.5 million.
The half year result was dragged down by significant items of $165.5 million related to the impairment of the television license and other items.
CEO James Warburton: “Over the last six months, we have executed on a number of major strategic initiatives, including the investment in our new content strategy for our primetime entertainment schedule which commences in April; a major re-organisation and cost out plan delivering $45 million of gross savings; the divestment of Redwave; and proposed sale of Pacific Magazines.”
Looking ahead, Seven West media says trading conditions have remained consistent with the first half.
The company is seeking a further $20 million from cost cutting.
“We will continue to be creative and apply entrepreneurial thinking," says Warburton.
"My mandate is to dramatically change the business which means transformative M&A opportunities are very much on the agenda.
"I believe we have the team, the platform and the strategy to transform and grow this business to increase shareholder value.”
The half year numbers:
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.