Sydney, Aug 21, 2007 (ABN Newswire) - Seven Network has announced it will buy back up to 10 per cent of its shares, listing ongoing capital management as the reason in a statement to the ASX. That news is in addition to the company reporting earnings before interest and tax of $247.6 million, up 15.5 per cent on the previous year. Broadcast television revenues surged 14 per cent. The company also announced a final dividend of 17 cents this morning. Seven Network previously posted record profits in 2006.

OneSteel's full year profits soared thanks to robust domestic demand and higher spot iron ore prices. The company said full-year profits rose 15 per cent to $197.5 million compare to from just over $171.5 million a year earlier. The results beat market expectations. Yesterday OneSteel announced it had completed the takeover of smaller steel firm Smorgon Steel. OneSteel earnings eased in 2006 after hitting record heights the previous year.

And in other news, Westpac's new boss Gail Kelly has told the Nine Network that a further interest rate rise is unlikely before the end of this year. Kelly said customers should be safe from another hike because major Australian banks have a strong and diverse source of funding. She said Australia's banking sector is very strong and not involved in sub-prime lending at all. WESTPAC has posted steadily increasing earnings since 2003

The full report is available at the following video and audio links.

Video Link

http://abnnewswire.net/fnnlnk/B8P14302


Audio Link
http://abnnewswire.net/lnk/5MQDC52T

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