News: Southern Cross Media Group records FY loss

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Southern Cross Media Group (ASX:SXL) has narrowed its loss from the year before, recording an annual loss of $82.7 million, and says despite the political uncertainty, the group remains cautiously optimistic.

The loss for the year to 30 June comprises of a profit after tax of $19.9 million from its continuing businesses, offset by a $102.6 million loss from its US business arm, American Consolidated Media that was divested in July.

Regional Australian radio and television businesses remain the cornerstone of the Group's operations, which for the period recorded 2.8 per cent growth in revenue from operations.

In the last six months the company has seen its Australian regional assets performance continue to improve, with the television business continuing a strong run to finish up 6.5 per cent for the year, while radio markets were down 1.3 per cent compared to the year before.

A fully franked final dividend of 6.2 cents has been declared, as well as a dividend re-investment plan for shareholders wishing to re-invest in the group.

Southern Cross Media Group recorded a loss of $84.57 million for the year to 30 June 2009.