Ten Network profit plunges 90.5%

Net profit fell to $14.2 million for the 12 months to August 31, from $150 million a year earlier, the Sydney-based broadcaster said on Thursday.

Revenue increased one per cent to $1 billion.

Ten said it spent $85.4 million on restructuring in the fiscal year.

This involved identifying a number of unprofitable sports contracts, many of which related to the all-sport digital channel ONE, Ten said.

Ten's assessment, finalised in August, "sought to reduce costs and negotiate the best possible commercial outcome" for the network over the remainder of the various contracts.

It also included a one-off $46.1 million charge relating to staff redundancy costs, restructuring charges and program write-offs.

In August, Ten announced it would slash 12 per cent of its staff and would find annual savings of about $18 million as part of a wide-ranging review to cut costs.

Ten said its review identified opportunities to increase the number of hours of news and current affairs broadcasting and cease a number of underperforming news programs.

Last week Ten announced that the news and current affairs program, 6:30 with George Negus, was being axed for commercial reasons.

The network said on Thursday it will launch a three hour news and current affairs Breakfast show in 2012.

"Our 2011 fiscal year results reflect an unsuccessful strategy that we have spent the better part of the year rectifying by taking the tough decisions around costs and programming," Ten's interim chief executive Lachlan Murdoch said.

"The company is now well positioned for 2012 with the imminent commencement of its new CEO and a revitalised management team, with a more efficient overhead, better content, and more opportunities for our clients to reach our in-demand younger audience."

Ten also announced shareholders will receive a fully franked ordinary dividend payment for 2011 of 5.25 cents per share, payable in November.