Seven West profit up, but dividend on hold
Seven West Media's first-half profit has risen to $100.7m but the broadcaster has temporarily suspended its dividend to focus on managing expenses.
SYDNEY - [AAP] Seven West Media's (ASX: SWM) first-half profit has risen to $100.7 million but the broadcaster has temporarily suspended its dividend to focus on managing expenses.
Net profit for the six months to December 30 bounced back from $12.4 million in the writedown-heavy prior corresponding period, but Seven West has halted its dividend payout to prioritise "prudent capital management and balance sheet flexibility" following federal government media reforms.
Chief executive Tim Worner said Seven West had increased the amount it aims to save, from $105 million across the 2018 and 2019 financial years, to $125 million.
"The pace of our transformation is accelerating, as we adapt our model to a leaner, more agile company," Mr Worner said on Tuesday.
Mr Worner said Seven had delivered a strong start to the rating season with the Winter Olympics, and the Commonwealth Games yet to come.
First-half revenue fell 10.4 per cent to $809 million and Seven reaffirmed its full-year underlying earnings guidance of between $220 million and $240 million.
SEVEN LIFTS PROFIT, SUSPENDS DIVIDEND
* Net profit of $100.7m v $12.4m
* Revenue down 10.4pc to $809m
* No interim dividend declared
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