Seven said the abnormal losses included flagged provisions for the carrying costs linked to Seven's now-divested stake in Hollywood movie and television studio, Metro Goldwyn Mayer Inc.

Seven surprised the market and sparked a share price rally late last month when it sold its 25 per cent stake in MGM for a much higher than expected $389 million.

But it indicated then it would account for the carrying costs of the MGM stake in its 1997-98 result. Seven said, however, the net abnormal loss also included unspecified redundancy and restructuring costs.

Seven's net profit after abnormals fell 77.1 per cent to A$20.35 million in the year to June 27, while revenues rose 5.7 per cent to A$800.16 million. Seven's net profit before abnormals also fell to A$82.39 million from A$89.96 million a year earlier, butthis was generally in line with most market forecasts of about A$82 million to A$83 million.

Seven set an unchanged unfranked final dividend of 15.5 cents, taking the full year dividend to 20.5 cents from 20 cents a year earlier. Despite the on-expectations profit result, Seven's shares fell 21 cents or almost four per cent to A$5.13 by 12.30 P.M. (0230 GMT).

Brokers said Seven's decision not to specifically disclose what made up the abnormal losses concerned some analysts, who otherwise saw the operating result as largely in line with expectations and were not surprised by Rice's resignation.

Brokers pointed in particular to the unspecified abnormal costs associated with retaining coverage of the Bathhurst 1000 car race and the early managemet of its Australia Television satellite operation.

"There's nothing in there about the breakdown of that abnormal loss and it looks like there's some other funnies in there as well," said HSBC James Capel broker Neil Franklin.

Franklin said they may be somescepticism about whether some of the abnormal items should have been taken below the operating result. "There may be some disappointment from those analysts forecasting for above A$82 million and wondering if some of those abnormals should be below the line," Franklin said.

Seven chairman Kerry Stokes also declined to give a breakdown of the abnormal losses at a news conference, saying it could not finalise the details until the MGM sale was concluded.