Ten Network posts loss of $12 million: Midday roundup

Ten Network Holdings has announced a strategic review of its operations just as it also announced a loss of $12 million for the year.

In the 12 months to August 31, Ten recorded a net loss of $12.8 million, following a profit of $14.1 million in the previous corresponding period.

Revenue from ordinary activities dropped 13.7% to $861 million.

Chief executive James Warburton says the result is disappointing, with the company now focusing on how it can improve.

“Undoubtedly we are operating in challenging market and competitive conditions, which have impacted our revenue performance,” Warburton says.

“We have responded and secured significant cost savings in the year. We are now undertaking a strategic, operating and news review to further reduce costs.”

Nine Entertainment to survive debt-free

Nine Entertainment will be debt-free with an opportunity to expand its digital empire after lenders agreed to a new recapitalisation plan yesterday.

Nine chief executive David Gyngell told The Australian that “this is a game-changer for Nine”.

“It’s unprecedented in the Australian media market.”

Shares rise despite weak offshore lead

The Australian sharemarket has opened higher this morning despite a weak lead from the United States, even though solid housing data has continued a string of positive economic developments.

The benchmark S&P/ASX200 index was up 45 points or 1% to 4,573.2 at 12.15 AEST, while the Dow Jones Industrial Average rose 5.2 points or 0% to 13,557.

Woolworths sales increase in first quarter

Woolworths has announced that its sales have increased by 4.3% to $14.22 million in the first quarter, compared to the previous corresponding period.

Chief executive Grant O’Brien says the momentum towards the end of last year has contributed to the latest results.

“While we have made progress against our strategic priorities, there is still a great deal to do in our business transformation programs,” O’Brien says.