(Adds EBIT forecast, background on performance and CEO resignation)
Aug 20 (Reuters) - Australia’s free-to-air television broadcaster Seven West Media Ltd on Tuesday posted an annual net loss compared with a profit a year ago, hurt by a softer advertising market and flagged weaker earnings in fiscal 2020.
The company posted a net loss after tax of A$444.4 million ($300.59 million), marking its fourth annual loss in seven years. Seven West Media had a profit of A$132.8 million a year earlier.
Seven West Media forecast annual underlying earnings before interest and tax of A$190 million to A$200 million, lower than A$212.1 million reported in fiscal 2019.
The company, which has been fighting increased competition from video streaming platforms like Netflix and Amazon Prime, had warned of a drop in EBIT back in May.
Tim Worner resigned as chief executive officer on Aug. 16, four days before the company announced its annual results.
Seven West named former APN Outdoor CEO James Warburton as the new chief executive officer and managing director.
$1 = 1.4784 Australian dollars Reporting by Shreya Mariam Job in Bengaluru; Editing by Bernard Orr
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