Seven Network profits soar- as strategic investments pay off.However, revenue is down $40.1% to $43.8 million from $73.2m.
Seven, whose chairman is Kerry Stokes, recorded net profits of $508.9 million for the second half of 2010- compared to a paltry $20m for the previous six months.
The company made $620.5 million net fair value gains and impairment loss reversals in its media related investments in Seven Media Group, West Australian Newspapers, Consolidated Media and other investments, they said in a statement.
Yahoo!7, the joint venture between the Seven network and Yahoo also enjoyed growth last year with profits of $22 million recorded and revenue also on the up – climbing to 37.7% to $91.5 million.
This was due to heightened demand for online advertising, the company said.
Internet giant Yahoo continues to slash employees worldwide as it fights to retain market share which it is losing fast to rival Google.
They announced in January they would cut another 140 jobs from its global workforce.
This comes as reports this morning indicate Western Australia Newspapers has agreed to buy the Seven Media Group.
Seven plans to pay an interim dividend of 17c per share.