Oz’s Seven Net posts a profit for year

Seven Network, for the year ended June 30, was marginally ahead of expectations but down on last year’s $ A71 million ($ 48.28 million) profit, according to CEO Bob Campbell.

With increased sales of $ 378.2 million (up 25.3%), the web will pass its forecast of $ 57.1 million in its prospectus.

But Seven still had a bill of $ 26.8 million outstanding from the Barcelona Olympics, which was absorbed in the last financial year.

The web — in which Rupert Murdoch’s News Corp. has a 15% holding — was oversubscribed when it was floated on the stock exchange last month. The shares hit the market at a 36% premium. Previously a part of the collapsed Christopher Skase Qintex Group, and owing over $ 650 million to a consortium of banks, much of the capital raising went to pay off debt.

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