Southern Cross Media Group Limited (ASX:SXL)
has blamed weak television advertising markets and lower metro radio market share for a drop in its interim profit.
The radio networks owner’s net profit sank 24.4 per cent to $34.7 million in the first half of the 2015 financial year while revenue fell 7.3 per cent to $307.6 million.
CEO Rhys Holleran says Southern Cross’s strategic direction and focus on debt reduction will put the company in a sound position to improve over this financial year and the next.
Southern Cross has also appointed Peter Bush as Chairman to replace Max Moore-Wilton.
A fully franked interim dividend of 3 per share has been declared.