Net profit for Ten Network Holdings fiscal year 2006 was $45.81 million, down 56.8 per cent on the previous year. Executive chairman Nick Falloon acknowledged its third quarter was weaker than expected.
Excerpt from Press Release:
Ten Network Holdings Limited (Ten Holdings) today reported earnings in line with market expectations for the financial year ending 31 August 2006. As has been the case for many years, the Company’s television division, Network Ten (TEN), retains the highest profit margins in its sector. TEN remains highly profitable, although difficult trading conditions, the highly competitive environment and big sporting events on rival networks have seen 2006 earnings fall from all-time highs a year ago. TEN more than delivered on its forecast to hold cost increases below 4%, in fact containing these to just 2.3%.
