Southern Cross Media Group Limited
(ASX:SXL) says it has battled through one of the most difficult 12 months in its history as it reported a 52 per cent drop in its first half net profit of $45 million.
The regional television and radio owner saw its revenue fall 9 per cent to $328 million in the six months to December.
The group’s historically difficult year was highlighted by the now infamous royal radio prank to a British hospital which went fatally sour and culminated in the suicide of a nurse.
CEO Rhys Holleran says despite the hardships, Southern Cross has produced a result that has met market expectations through rigorous operational management, and is well placed to take advantage of any upturn in advertising markets.
The profit fall was impacted by a $39.5 million tax benefit in the same period last year following the acquisition of the Austereo radio business.
Southern Cross has declared an interim dividend of 4.5 cents per share.
