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Ten Network Holdings Limited’s (ASX:TEN) full year net profit has dropped 90.5 per cent to $14.2 million from $150 million the year before.
Over the year the broadcaster undertook an extensive operational and strategic review, notching up $85.4 million in restructuring costs.
In the same period Ten’s underlying profit, excluding impairments, lost 24 per cent while revenue added a modest 1 per cent.
Ten’s interim CEO, Lachlan Murdoch, says the latest result reflects an unsuccessful strategy that the company has spent the better part of the year trying to rectify.
Mr Murdoch believes Ten is now well positioned for the new year with a new CEO and management team and a more efficient overhead.
Ten has declared a fully franked dividend of 5.25 cents per share.
