Seven says the revenue hit from ratings disaster Restaurant Revolution won't be repeated, even though it sees no signs of growth in the TV advertising market.
The broadcaster had hoped to emulate its ratings behemoth My Kitchen Rules with the launch of the similarly-themed reality series in July, but Restaurant Revolution failed to fire.
It was quickly scaled back from airing four nights a week to just one, and replaced with Cats Make You Laugh Out Loud.
The failure contributed to Seven's advertising revenue slipping 5.8 per cent in the six months to December, while the wider ad market dropped 0.4 per cent.
"To be blunt, I don't think it was our best half," Seven West Media chief executive Tim Worner said.
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"We had Restaurant Revolution, we took a big swing, it didn't work.
"You need to fail every now and then to find out where the boundary is."
Seven's rivals also benefited from live sport, including the Ashes and Rugby World Cup, he said.
"None of those things will be happening in this half, I'll give you the tip. We're going to have a much better half this year," Mr Worner said.
But Seven West, which also owns The West Australian Newspaper and New Idea publisher Pacific Magazines, expects a 10 per cent drop in earnings in the 2015/16 financial year, as it forecasts a flat metro TV ad market and further falls in print ad revenue.
The company's earnings dropped nine per cent in the first half.
It also returned to profitability, after being hit by writedowns of more than $1 billion on the value of its TV licence and newspaper and magazine mastheads a year earlier.
Costs remain a key focus, and Mr Worner said the free-to-air TV networks could soon be collaborating on technology in order to cut their production costs.
Seven is also looking to capitalise on the one area of its business where revenue is growing - its digital operations.
Its online catchup service had a 34 per cent increase in streams in the six months to December, and advertising for TV and digital is now being sold together.
"People are still watching just as much television, in the case of My Kitchen Rules they're watching more of it, it's just that they're watching it in a different way," Mr Worner said.
"Now we're going to sell it in a different way and that is going to give us a different revenue result."
Seven West Media shares were steady at 81.5 cents.
SEVEN WEST SAYS MEDIA MARKET REMAINS TOUGH
* Net profit of $135.2m, compared to loss of $993.6m
* Revenue of $892.9m, down 5.3 pct from $943m
* Interim dividend down two cents to four cents
