Australia's Ten Network year profit falls

MELBOURNE, Oct 16 (Reuters) - Australia's Ten Network Holdings Ltd (TEN.AX) reported a normalised net profit for the full year of A$89.6 million ($58 million), a fall of 25 percent, hit by contracting advertising conditions in the final quarter.

Australia's third-biggest television broadcaster said on Thursday net profit for the year to end-August, including a one-time gain from income tax benefits, was A$273.5 million.

Ten Network had warned in June it expected its TV earnings before interest, tax, depreciation and amortisation to be down about 10 percent, due to the impact of worsening economic conditions and the Beijing Olympics, which was broadcast by rival Seven Network (SEV.AX).

Shares in Ten, majority owned by CanWest Global Communication Corp CGS.TO, were down 6.5 percent at A$1.30 ahead of the results announcement. ($1=A$1.53) (Reporting by Sonali Paul, editing by Jonathan Standing)