Broadcaster Prime Media has been hit with a $12.3 million loss for the last financial year, blaming the result on the decline of regional free-to-air TV advertising.
Prime’s full-year loss for FY18 represented a 133.9 per cent decline compared to the previous financial year. Included in the loss were $51.7 million worth of non-cash impairments from TV licences.
The company said the impairment charges reflect the ongoing decline of the regional free-to-air TV advertising markets and the contracted increase in program supply arrangements with the Seven Network from July this year.
Prime’s revenue dropped 8.7 per cent to $219.2 million, which the company said reflected the absence of the Rio Olympics in the first half of FY18 and otherwise soft conditions in the second half.
While the Gold Coast Commonwealth Games broadcast improved Prime’s audiences and revenue in the second half of FY18, the company said ad spend for the Games was materially less than the Rio Olympics due to fewer days of competition.
Prime’s earnings before interest, taxes, depreciation and amortisation fell 29.5 per cent in the last fiscal year to $45.2 million.
The results come after Prime signed a five-year extension of its affiliation agreement with Seven West Media last week.
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