First-Quarter Earnings Fall 16% for Australia's Ten Network

Australian broadcaster Ten Network Holdings said on Wednesday its earnings before interest, tax, depreciation and amortization fell 15.6% in the first quarter in a subdued television advertising market.

Australia's third-biggest TV broadcaster said EBITDA fell to A$107.2 million (US$84.4 million) from A$127.1 million in the same period a year earlier, but said there were signs of improvement in the market in the second quarter.

"We're now seeing modest year on year growth and expect Ten to steadily gain traction," Executive Chairman Nick Falloon to the annual shareholders meeting.

In October, Ten had reported a 34.5% fall in year profit amid a weak advertising market but forecast an improving share of television revenues this year.