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Profit lift for Southern Cross Austereo

Radio and regional TV broadcaster posts a 19% rise in net profit.

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Southern Cross Austereo has posted a 19% rise in net profit to $77.2 million, attributed to higher advertising revenue in radio and regional television as well as reduced financing costs for its debt.

Total revenue was up 5.1 per cent to $642.3 million over the 12 months to 30 June. Net debt was down by a massive 32.9 per cent to $340.2 million.

Earnings before interest, taxes, depreciation and amortisation grew 2.8% over the period to $167.7m.

Southern Cross Austereo CEO Grant Blackley said: “This year’s results reflect the operational and financial reset of Southern Cross Austereo, which has delivered improved financial performance for FY16 with prospect of further growth for FY17.”

“SCA’s radio and television businesses are consistently outperforming the market, with improved audience share, consistent reinvestment in our content and marketing and a continuous focus on stronger monetisation of our assets.”

The company also expects to growth through its new television affiliation with Nine Entertainment Co.

“As evidenced by new partnerships with Vevo and Australian Traffic Network, FY17 will see Southern Cross Austereo further improve its depth as one of Australia’s most diverse media companies with a broad range of media assets,” he said.

3 Responses

  1. Nine affiliation fees up, savings in not making promos anymore, perhaps some of the profit could find its way into the promised regional news, and some local sponsorships and promotions like WIN and Prime, but then again there’s no SCA TV brand to promote anymore.

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