Ten Network Holdings has posted a 70 per cent fall in half year profit, with the network reporting a drop of $15 million year-on-year for the six months leading to the 29th of February.
Revenue in that period was down 11 per cent to $431 million.
Ten's shareholders, who have already seen stock fall 45 per cent in the last year, will not be seeing a dividend.
The network attributes revenue loss to difficult advertising market and predicts 2012 will continue to be a difficult year due to the impact of the Olympics (which will be broadcast on Nine and Foxtel) and the historical ratings trend.
Earlier this year, Deutsche Bank analysts raised concerns about Ten's ratings performance, observing that despite the introduction of a new program schedule, the average ratings share was 25 per cent, with new shows losing momentum week by week.
High hopes are held for the upcoming series of Masterchef, which has traditionally been Ten's highest rating program. New shows including Puberty Blues, Being Lara Bingle and The Shire are also hoping to boost viewing figures.