Ten Network Holdings has narrowed its first-half loss considerably, but has reiterated its warning that advertising market conditions remain "short", with many advertisers reluctant to commit to long-term campaigns.
Investors sent shares in the media group 3.85% higher to 27c at 10.51am (AEST), against a benchmark index lift of 0.6%.
In the six months to February 28, Ten posted a loss attributable to members of $7.98 million, a 96.7% improvement on the $243.34m loss recorded in the previous corresponding half.
Revenue in the same period was $331.56m, a 7.8% increase on the $307.60m posted in the first half of 2013.
On a revenue basis the result beat analyst expectations, with Goldman Sachs tipping a 5.4% lift to $318.2m, however the loss was slightly wider than anticipated.
As expected, Ten declined to pay an interim dividend.
As at February 28, Ten said it had net debt of $35.9m, after repaying $150 million of its US private placement facility in February.