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.
