News: Southern Cross H1 profit falls 52%

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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.