The metropolitan free-to-air broadcaster reported an underlying loss of $115.4 million in the year ended August 31. The underlying result was worse than most analyst expectations, with consensus net profit after tax for an underlying loss of about $76 million, compared with the $115 million result.

The $168 million full-year loss, following a $52 million write-down of its television licences and other impairments, was an improvement of 40 per cent compared with the previous year in which the network reported a $284 million loss.

"The television impairment charge reflects that the free-to-air television advertising market growth cycle remains low, and that the [Ten's] share of that advertising market has reduced from the low point in the previous year, albeit showing some signs of recovery," the company said in its financial report.

Net debt as of August 31 was $80.5 million.

Revenue from continuing operations fell by close to $28 million, while television costs increased by more than $100 million.

"These results highlight the operational challenges facing Ten, with revenue declines and cost pressures. The cost guidance for financial year 2015 suggests management are taking corrective action to address the earnings imbalance, although we still forecast EBITDA loss in [the next financial year]," Citi analyst Justin Diddams said.

Ten is forecasting television costs to fall by 8 per cent in the 2015 financial year.

Ten's revenue share for the 12 months to the end of August was 20.5 per cent, while its ratings share was 22.8 per cent in the 2014 ratings year-to-date.

"The balance sheet leverage implies sufficient headroom to continue day to day operations which should provide management time to focus on getting the programming mix right and thus improve the revenue prospects," Mr Diddams said.

Ten shares have slumped more than 32 per cent this year and touched a record low of 18¢ on Wednesday.

While the company is loss-making, the TV licence remains an attractive asset, Mr Diddams said.

There are rumours that private equity firm Providence will be watching the sharemarket reaction to Thursday's results. A lower share price could make the broadcaster more vulnerable to a takeover attempt.

Ten said advertisers continue to book on short notice, but the metropolitan market is expected to show marginal growth in the coming financial year.

As reported by Fairfax Media this week, the network is attempting to boost revenues by increasing the amount of advertiser-funded television programs it broadcasts. Ten believes the market for brand-funded content to be around $200 million and hopes to make it larger.