Australia TV firm Ten says Q3 revenue falls 15 pct
SYDNEY, June 24 (Reuters) - Australian broadcaster Ten Network Holdings Ltd (TEN.AX), a unit of Canada's CanWest Global Communication Corp CGS.TO, reported a 15 percent drop in third-quarter revenues, citing a challenging advertising market.
Australia's third-biggest television broadcaster did not give a figure for its third-quarter revenue in its tradinh update on Wednesday. A year ago, it reported consolidated third-quarter revenue of A$250.2 million ($199 million).
Ten said on Wednesday its earnings before interest, tax, depreciation and amortisation for the nine months ended May fell 36.6 percent to A$128 million.
A slowing Australian economy has forced many Australian companies to slash their advertisement budgets, which has severly hurt profitability of broadcasters.
Ten shares are down about 5 percent so far in 2009, compared with a 2 percent rise in the benchmark S&P/ASX 200 index .AXJO.
Ten shares are also under pressure due to its parent's debt problems and there is constant speculation that CanWest will cut its holding in Ten to pay down some of its debt. ($1=A$1.26) (Reporting by Denny Thomas; Editing by Mark Bendeich)
