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SYDNEY - Ten Network Holdings, Australia's third-biggest broadcaster, said yesterday its first-half net profit fell 12 per cent on a weaker television advertising market.
Ten, which is up for sale, said net profit for the six months to February 28 was A$37.7 million (NZ$42.57 million), compared to A$42.9 million a year earlier.
Three analysts had estimated an average of A$42.8 million.
Canada's CanWest Global Communications Corp is seeking to sell its 56.4 per cent stake in Ten.
CanWest is also reviewing the ownership of its radio and television operations in New Zealand.
- REUTERS
