Ten Network has posted a $264 million first-half loss but the result was better than expected and there are tentative signs the struggling broadcaster might be turning a corner.
The third-placed free-to-air TV network’s loss for the six months to the end of February was 33 times the size of the $8 million loss a year ago.
The result was weighed down by a $251 million writedown on the value of its television licence.
But with that one-off excluded, the loss was not as bad as analysts had predicted.
“It seems to be significantly better than the market was expecting,” optionsXpress market analyst Ben Le Brun said.
“The market was looking for a loss of about $26 million. After the one-off items it looks like it’s come out with a loss of $13 million.”
Ten said it had improved ratings in its target 25-to-54-year-old demographic since the start of 2015 and the network had recorded its best start to the official ratings period since 2012.
Chief executive Hamish McLennan said Ten’s share of the TV advertising market was growing, despite a decline in revenue during the half.
The network achieved a 20.9 per cent share of the market during the first half and a 21.8 per cent share during March.
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But he said the advertising market remained “short” and difficult to predict.
The company is in talks with pay TV broadcaster Foxtel, which is considering taking a 14.9 per cent stake in the network.
