If Seven West Media is the best-run, most profitable analogue media company in the country, then judging by another year of falling revenues and profits, the rest of the sector must be in dire straights.

Seven West this morning rushed out its full 2015-16 figures 23 days earlier than last year to allow executives to head for the Rio Olympics, which will be the high point of the company’s TV broadcasting year though, the company warned, would drag down its annual profits. Seven has already won the ratings battle with Nine and Ten in total people, and will go close to scooping some of the major demos by the same ratings finish in early December. It’s news broadcasts are the national ratings winners already this year, with the change of affiliation for Ten and Nine as of July 1 impacting both networks figures, mostly reducing them compared to Seven’s domination of regional markets across the country.

But despite Seven’s dominance, it couldn’t stop another year of weakening revenues and earnings that were only partly offset by continuing cost-cutting. Commercial free-to-air TV ad revenues fell in the year to June, and especially in the six months from January to June and are now at the lowest level since the end of the GFC eight years ago. Seven managed to mitigate some of that through its concentration on costs and generating income from new productions here and offshore for other companies — revenue from third-party productions jumped 92% to more than $87 million, which trimmed a near $150 million-plus fall in group revenue for the year to June, to $60.9 million. That was probably the biggest positive to emerge from this morning’s report.

The company said:

“The advertising market remains short, particularly given the impact of the Olympic Games. At this stage, Seven West Media believes the overall outlook for the advertising market over the coming twelve months will see the television advertising market to be flat to down in the low single digits, while the advertising trends experienced by the publishing assets will continue in the coming year.

Just after 11 am, Seven West Media shares had plunged more than 15% to 87.7 cents, halving the stock’s 2016 gains to Monday of 31%.