Ten's first-half profit falls

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