Australia's Ten posts H1 loss due to writedowns
SYDNEY, April 2 (Reuters) - Australian broadcaster Ten Network Holdings Ltd (TEN.AX), a unit of Canadian media group CanWest Global Communcation Corp CGS.TO, reported a net loss for the first half after writedowns on some of its assets. Ten, Australian third-biggest television broadcaster, said its net loss for the six months ended Februrary was A$79.68 million ($55.7 million), versus reported net profit of A$270.5 million a year earlier.
The company took about A$138.4 million in writedowns.
Australian media companies are facing challenging times due to a deteriorating economy, which is forcing companies to cut down advertisement budgets.
In February, Ten had flagged a 12 percent drop in its first-half TV revenue along with a planned capital raising, which it later scrapped due to poor market conditions.
Ten shares were up 2.6 percent on Thursday, matching the gains in the benchmark S&P/ASX 200 index .AXJO.
The shares are down about 30 percent so far this year, far more than the near 2 percent fall in the benchmark index. ($1=A$1.43) (Reporting by Denny Thomas)
