UPDATE 1-Australia's Seven West Media swings to annual profit [Reuters]
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Source: Reuters
UPDATE 1-Australia's Seven West Media swings to annual profit | Reuters Reuters Staff 2 Min Read (Adds dividend details, background) Aug 21 (Reuters) - Australian free-to-air television broadcaster Seven West Media Ltd on Tuesday said cost cuts helped it post an annual profit, turning around from a loss last year following hefty writedowns on the value of its television license. The company a reported net profit of A$135.8 million ($99.4 million) for the year to June 30, compared with a net loss of A$744.3 million the previous year, when it wrote down the value of its broadcast license to reflect weak advertising sales. On an underlying basis - which strips away one-time charges - net profit fell 14.6 percent to A$142.5 million. Seven West said fiscal 2018 group operating costs, including depreciation and amortisation, fell 1.6 percent from a year ago to A$1.39 billion, while its cost reduction program was on track to deliver cost savings of A$10-A$20 million in fiscal 2019. Like thei
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