Aussie firm Seven Network predicts 40%-50% profit slide

Australian broadcaster Seven Network expects a 40%-50% drop in profit before tax in the half year to December due to weak advertising markets and the cost of acquisitions, a Reuters report said.

The group, controlled by media mogul Kerry Stokes, also said it had taken a loss on its investments of A$14 million (€7.9 million, US$11.8 million) and expected to take further losses as it unwinds its portfolio, the Reuters report said.

The profit decline would include the investment loss and the previously announced impact on profits from the acquisitions of wireless broadband providers Unwired and Engin.

Seven said that given the volatility in markets it was 'practically impossible' to reasonably forecast earnings for the six-month period, but it hoped that if volatility eases it will be able to provide a meaningful update at the annual shareholders meeting on November 10.

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