Seven Network’s profits up 361%

Oz web bounces back

SYDNEY — Recovering from a terrible fiscal 1998-99 by vigorously slashing costs, Kerry Stokes’ Seven Network Australia on Wednesday posted a 361% hike in post-tax profits to A$101.7 million ($62 million) on revenues of $308 million, up 15%, for the six months ended Dec. 31.

Some $29 million of the profit came from selling shares in telephony and feevee group Cable & Wireless Optus. Seven’s ad revenues rose 7%, against an industry average of 5%, while subsid businesses such as feevee sports channel C7, Asian satellite TV service Australia TV and mobile phone unit B, posted losses.

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