Seven West Media’s statutory earnings have tumbled 49 per cent to $129.5 million in the full financial year, hit by a weak advertising market caused by the coronavirus pandemic.
The Kerry Stokes-controlled broadcasting and publishing company also reported a 14 per cent fall in revenue to $1.2 billion, but managed to reduce its net debt by $143.5 million from its half year results to $398 million. Net loss after tax was $200.1 million, an improvement from last year.
The company said it had generated $170 million from cost cuts, predominantly out of its television division, and $150 million from the sale of assets including the West Australian headquarters and Pacific Magazines. The company will aim for a further $30 million to $50 million in cost cuts in the next financial year.
Seven chief executive James Warburton said he had made progress with his plans to change the business despite the challenges presented by the coronavirus pandemic.