Seven Group Holdings’ Profit Plummets 74 Per Cent

Seven Group Holdings’ Profit Plummets 74 Per Cent

Kerry Stokes’ Seven Group Holdings – that includes the Seven Network, West Australian Newspapers and Pacific Magazines – half year net profit has tumbled 74 per cent to $68.48 million.

The drop has been attributed to concerns around ad revenues for its media products, particularly around TV advertising. Stokes’ mining interests were also adversely affected by falling commodity prices.

The diversified group warned that full year pre-tax earnings were likely to be 10 to 15 per cent weaker. The company kept its fully-franked dividend at 20 cents a share.

Today’s announcement follows last week’s news that Stoke’s media division – Seven West Media –  has posted a $993.6 million half year loss following significant write-downs to the value of its television businesses.

 




Please login with linkedin to comment

George Patterson Y&R Melbourne Voice Recognition

Latest News

Scroll Media Recruits Costa Panagos From Twitch
  • Advertising

Scroll Media Recruits Costa Panagos From Twitch

Digital publisher network Scroll Media has employed ex-Amazon Twitch gaming executive Costa Panagos (lead image) to strengthen its Scroll Gaming capability. Panagos is highly experienced in game advertising and media sales professional with two years in account management at Twitch and three years in media sales at News Corp, so will bring his extensive media agency […]

Year13, Microsoft & KPMG Australia Launch AI Course For Gen Zs
  • Technology

Year13, Microsoft & KPMG Australia Launch AI Course For Gen Zs

School-leaver service Year13 has launched a new Artificial Intelligence course to upskill young people in AI, made in collaboration with Microsoft and KPMG, at an event to rally industry support behind youth AI fluency. The free online course AI Amplified which is part of Year13’s Academy aims to provide all young people with the opportunity […]

General Motors Snares Heath Walker From Scania
  • Advertising

General Motors Snares Heath Walker From Scania

General Motors has announced the appointment of Heath Walker (lead image) as the new marketing director for GM Australia and New Zealand, effective April 23, 2024. Walker brings a wealth of marketing and communications experience gained from working across various industries, including IT, sporting, and auto – notably Tesla, Nissan and most recently, Scania in […]