Seven West Media $109m Loss 1H2013

Seven West Media (ASX:SWM) has reported its first half results to their shareholders, investors and stock traders.

• Seven West Media Net Loss of $109.3 million from a net profit of $163 million for the previous corresponding period.
• The loss was due to statutory writedowns and impairments of $195.2 million due to the value of its magazine mastheads, licences and goodwill as well as $60.2 million on Yahoo!7 and finally costs relating to redundancy and restructuring at $5.3 million.
• Seven chief executive Don Voelte said, "We continue to see no changes to the advertising trends we see in our publishing companies. Our magazines, and especially our newspapers, are experiencing fairly good results in circulation sales versus the competition, but are having to battle their margins on a day-to-day basis."
• Revenue from newspaper and magazine divisions down 14.9 per cent and 10.9 per cent, respectively while its television division had revenue of $666.1 million, up 1.6 percent.
• SWM has ownership stakes in television network Seven, The West Australian newspaper, magazine publisher Pacific Magazines and is a joint-venture partner on the Yahoo!7 website.
• Seven West will pay a fully-franked interim dividend of 6 cents per share.