August 20, 2018 / 11:02 PM / a month ago

Australia's Seven West Media swings to annual profit

Aug 21 (Reuters) - Australian free-to-air television broadcaster Seven West Media Ltd on Tuesday said cost cuts helped it post an annual profit, turning around from a loss last year that saw hefty writedowns on the value of its television license.

The company a reported net profit of A$135.8 million ($99.4 million) for the year to June 30, compared with a net loss of A$744.3 million the previous year, when it wrote down the value of its broadcast license to reflect weak advertising sales.

On an underlying basis - which strips away one-time charges - net profit fell 14.6 percent to A$142.5 million. ($1 = 1.3669 Australian dollars) (Reporting by Devika Syamnath and Susan Mathew in Bengaluru Editing by Byron Kaye and Rosalba O’Brien)

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