Seven West Media has posted a full-year loss of $744.3 million on nearly $1 billion in writedowns.
The company’s revenue for 12 months fell 2.7 per cent to $1.67 billion. However, a total of $988.8 million worth in pre-tax significant items dragged Seven West into loss. These include a $432.4 million writedown in the value of the company’s television licence, a $276.4 million writedown in the value of its investments and other assets, and a $139.6 provision for contracts.
The loss follows the previous year’s profit of $183.4 million.
“Our results reflect a tough market, one that continues to change at pace, but a pace that we must match in our transformation,” said chief executive Tim Worner.
“Despite these tougher conditions, we continue to lead in the core markets in which we compete, while at the same time making the necessary and sometimes difficult decisions in the transformation of our business.”
Following the loss announcement, Seven West’s annual report confirmed that Worner copped a $450,000 pay cut, taking his salary down from $3.19 million in 2016 to $2.74 million this year.
The final dividend for shareholders was unchanged at two cents per share, fully franked.