Does anyone else here see what is wrong in this report here?
Seven West’s profit slumped by two-thirds to $18 million for the six months to December 31 as the "Stokes family-controlled broadcasting and publishing group" continued its transformation from a free-to-air television and newspaper company to a digital media operator.
The figure was hurt by $20 million in one-off costs related to the overhaul under new chief executive Jeff Howard, although earnings also fell from advertisers reducing their spending.
Seven West, which runs the Seven Network and The West Australian newspaper, is talking up the growth in its digital audience. It told investors on Tuesday that streaming rose 43 per cent, and online readership at The West increased 10.6 per cent in the six months compared to the same period one year earlier. Still, television audiences fell 1.8 per cent in that time, while earnings at The West slid 1 per cent.
“We are making solid progress under our new operating structure to reshape Seven West Media into a better, more agile and returns-focused business that can adapt to the challenges and opportunities in the changing media landscape,” said Howard. “Our clear objective is to stabilise and grow earnings and cash flow irrespective of advertising market conditions.”
(20min delay)