Southern Cross Austereo had a 48.3 per cent fall to net profit in its half-yearly results
The owner of Triple M and Hit has reinstated its interim dividend despite a near halving of interim profit.
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Southern Cross Media Group, the owner of radio stations Triple M and Hit, has reinstated a dividend payout despite its interim profit nearly halving.
The group recorded a net profit of $16.8m for the six months through December 31 – a fall of 48.3 per cent compared to the same period a year ago.
Revenue remained fairly consistent at $259.7m compared to $258.5m in the prior year (down 0.2 per cent).
But EBITDA fell by 36 per cent to $48.2m due to JobKeeper funding ending.
Group employee expenses for the period grew to $94.2m, from $58.8m in the prior corresponding period.
Audio revenue increased by 11.5 per cent or $20m largely due to the end of Covid-19 lockdowns in the nation’s largest cities Sydney and Melbourne, which allowed the market to rebound.
Broadcast audio revenue climbed by 10.3 per cent to $183.3m, while metro revenue increased by 13.8 per cent.
Television revenue experienced a significant fall, down by 22.3 per cent to $65.8m – this compares to $84.7m in the year prior.
The company’s new streaming app LiSTNR which launched in early 2021 has now accumulated 500,000 users in its first 12 months.
Southern Cross Austereo chief executive officer Grant Blackley the pick-up in advertising is continuing.
“The recovery in advertising markets continues to strengthen but is uneven, with Omicron related disruptions tempering the strong momentum from November and December,” he said.
“Advertising markets in the fourth quarter are expected to benefit from a normalising market, improving consumer and business demand and the upcoming federal election.”
The company will also reinstate its interim dividend of 4.5c a share – this is the first time it’s been paid since 2019.
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