Southern Cross Austereo – owner of the Today Network and Triple M radio stations along with the Southern Cross regional TV network – saw a fall in profits in the second half of 2012.
According to an update to the ASX today, the company saw revenues fall by nearly 10% to $327m for the half year. As a result, underlying profits before interest, taxation, depreciation and amortisation were down 15% to $64.9m.
The drop in revenues appeared to be as a result of tough markets across the board. Regional TV revenues were down by 16.5%, while regional radio was down by 1.8%. The metro radio business saw revenues fall by 6.1%.
The network acknowledged that the death of British nurse Jacintha Saldanha following a prank call had led to a “metro radio share loss exacerbated by on-air incidents”. However, it said that continuing financial impact of this was “immaterial”.
The company’s share price rose slightly today from 1.30 to 1.35.