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CanWest’s Australia revenues drop
Wednesday October 18th 2006WINNIPEG (CP) _ CanWest Global Communications Corp. (TSX:CGS.A) says annual revenue at Australian subsidiary Ten Group Pty Ltd. declined 6.6 per cent to A$893 million, or C$766.3M, while pre-tax earnings sank 26 per cent. Winnipeg-based CanWest, which holds a 56.4 per cent stake in Ten Group, blamed a downturn in the Australian broadcast television advertising market. Ten Group owns CanWest’s Australian television and out-of-home advertising operations.
EBITDA, or earnings before interest, taxes, depreciation and amortization, for the financial year ended Aug. 31 fell to A$253 million, from A$342 million in the previous year. Net earnings were not disclosed in a release Wednesday. Ten Group’s television operations recorded an 8.9 per cent decline in revenues to A$765 million for the year, with EBITDA of A$229 million, 27.5 per cent below the A$316 million recorded for the previous fiscal year.
"However, ratings and audience share remained strong, with Ten heading towards its sixth annual win in its target under-40 demographic, while also winning the No.1 position in the wider 18-49 demographic," the company said in a release. Eye Corp., the out-of-home advertising division, generated a 10 per cent increase in revenue to A$129 million. But EBITDA of A$24 million was down 8.5 per cent. Ten’s executive chairman Nick Falloon said the firm knew it would be a challenging year.
"To have achieved industry-best margins, improved commercial share and higher absolute audience numbers in every major demographic, despite the market down-turn is an outstanding achievement,"he said.
CanWest received a total of A$102.7 million ($88.1 million) in distributions from its Australian operations in the 2006 financial year.
Headline, Industry News
CanWest’s Australia revenues drop
Wednesday October 18th 2006WINNIPEG (CP) _ CanWest Global Communications Corp. (TSX:CGS.A) says annual revenue at Australian subsidiary Ten Group Pty Ltd. declined 6.6 per cent to A$893 million, or C$766.3M, while pre-tax earnings sank 26 per cent. Winnipeg-based CanWest, which holds a 56.4 per cent stake in Ten Group, blamed a downturn in the Australian broadcast television advertising market. Ten Group owns CanWest’s Australian television and out-of-home advertising operations.
EBITDA, or earnings before interest, taxes, depreciation and amortization, for the financial year ended Aug. 31 fell to A$253 million, from A$342 million in the previous year. Net earnings were not disclosed in a release Wednesday. Ten Group’s television operations recorded an 8.9 per cent decline in revenues to A$765 million for the year, with EBITDA of A$229 million, 27.5 per cent below the A$316 million recorded for the previous fiscal year.
"However, ratings and audience share remained strong, with Ten heading towards its sixth annual win in its target under-40 demographic, while also winning the No.1 position in the wider 18-49 demographic," the company said in a release. Eye Corp., the out-of-home advertising division, generated a 10 per cent increase in revenue to A$129 million. But EBITDA of A$24 million was down 8.5 per cent. Ten’s executive chairman Nick Falloon said the firm knew it would be a challenging year.
"To have achieved industry-best margins, improved commercial share and higher absolute audience numbers in every major demographic, despite the market down-turn is an outstanding achievement,"he said.
CanWest received a total of A$102.7 million ($88.1 million) in distributions from its Australian operations in the 2006 financial year.
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Headline, Industry News
CanWest’s Australia revenues drop
Wednesday October 18th 2006WINNIPEG (CP) _ CanWest Global Communications Corp. (TSX:CGS.A) says annual revenue at Australian subsidiary Ten Group Pty Ltd. declined 6.6 per cent to A$893 million, or C$766.3M, while pre-tax earnings sank 26 per cent. Winnipeg-based CanWest, which holds a 56.4 per cent stake in Ten Group, blamed a downturn in the Australian broadcast television advertising market. Ten Group owns CanWest’s Australian television and out-of-home advertising operations.
EBITDA, or earnings before interest, taxes, depreciation and amortization, for the financial year ended Aug. 31 fell to A$253 million, from A$342 million in the previous year. Net earnings were not disclosed in a release Wednesday. Ten Group’s television operations recorded an 8.9 per cent decline in revenues to A$765 million for the year, with EBITDA of A$229 million, 27.5 per cent below the A$316 million recorded for the previous fiscal year.
"However, ratings and audience share remained strong, with Ten heading towards its sixth annual win in its target under-40 demographic, while also winning the No.1 position in the wider 18-49 demographic," the company said in a release. Eye Corp., the out-of-home advertising division, generated a 10 per cent increase in revenue to A$129 million. But EBITDA of A$24 million was down 8.5 per cent. Ten’s executive chairman Nick Falloon said the firm knew it would be a challenging year.
"To have achieved industry-best margins, improved commercial share and higher absolute audience numbers in every major demographic, despite the market down-turn is an outstanding achievement,"he said.
CanWest received a total of A$102.7 million ($88.1 million) in distributions from its Australian operations in the 2006 financial year.
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