Revenues down but cost cutting sees profits rocket 175% at Macquarie Media Limited

Macquarie Media Limited’s revenues fell by 9% in the last six months of 2015 compared to those of the separate Fairfax Radio and Macquarie Radio Network businesses, but profits still soared by 175% comparatively.

In its results for the first six months of trading Macquarie Media Limited, which boasts stations including 2GB, 3AW and 4BC, managed revenues of $66.83m, down on the combined $73.7m revenues of Fairfax and MRN in the prior corresponding period.

In the results chairman Russell Tate said while he was disappointed it was behind in revenues he was confident the company would hit forecast, and hinted at “further significant savings” that would be made.

Cost-savings, which has seen dozens of on-air and backroom staff depart the network in recent months, already mean comparable profits are up by 175% to $6.6m.