Seven West Media made a loss of $70 million last financial year due to writedowns of its publishing assets.
Print group Fairfax also posted a loss today of $16 million.
The media company’s 2012/13 result is down from a $227 million profit the previous year.
It was affected by a more than $300 million of before-tax impairment charges, mostly due to writedowns relating to its magazine assets.
Net profit excluding the significant items was $225 million, down slightly from $227 million previously.
The company owns the Seven Network, West Australian newspaper group and Pacific Magazines.
Seven West Media chief executive Tim Worner said the company had performed well in a difficult environment.
“Our television business continues to lead in both audience share and advertising revenue,” he said in a statement on Thursday.
“Our publishing businesses are out-performing their peers in what is a challenging market, delivering great content, managing their costs and building the framework for their moves into new forms of content delivery and revenue streams.”
He said the company was focused on keeping costs down and strengthening its financial performance over the next 12 months.
Fairfax Media made a more than $16 million loss last financial year amid lower earnings and further asset writedowns.
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The company made a net loss of $16.4 million for 2012/13, a marked improvement on the $2.7 billion loss the company posted in 2011/12.
Excluding significant items, Fairfax made a profit of $143 million, down 37 per cent from $212 million last year.
Revenue was down eight per cent to $2.03 billion, while earnings were $366 million, down 28 per cent on last year.
Seven West’s final dividend of six cents, fully-franked, is the same as last year’s.
