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Seven Network says H1 profit up 72 pct on ad gains

Wed Feb 21, 2007 5:07pm EST

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SYDNEY, Feb 22 (Reuters) - Seven Network Ltd. (SEV.AX), Australia's second-ranked TV broadcaster, said on Thursday first-half net profit rose 72 percent after increasing its television advertising revenues.

Seven, which has tipped its television and magazine businesses into a private equity joint venture, said net profit before one-off items for the six months to Dec. 31 was A$112.8 million ($89.5 million) compared to A$65.5 million a year ago.

Seven and Kohlberg Kravis Roberts [KKR.UL] agreed last year to set up a A$4 billion media joint venture. Seven, controlled by media mogul Kerry Stokes, received A$3.2 billion from the deal.

($1=A$1.26)

((Reporting by Michael Smith; michael.j.smith@reuters.com; Reuters Messaging: michael.j.smith@reuters.net; +61-2 9373-1821)) Keywords: SEVEN RESULTS/

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