Olympic Games help ad revs vault 33.4%

SYDNEY — Record earnings by the Seven Network broadcast business helped the company post profits, before interest and tax, of A$105 million ($54.6 million) in the financial year ending June 30.

However, writedowns and losses stemming from the closure of its Asian subsid Australia Television Intl., new-media arm i7, pay TV operator C7 and telco B Digital saw overall earnings before tax plunge to $33 million, down from the previous year’s $56 million. Net profit tallied $8.2 million.

The Seven web’s advertising revenues jumped by 33.4% in the first half, driven by the Olympic Games, and Seven Network managed to fractionally up its share of the ad market in the second half despite difficult conditions.

Follow @Variety on Twitter for breaking news, reviews and more