Southern Cross profits rise after tumultuous year

Southern Cross profits rise after tumultuous year

Southern Cross Austereo (SCA) has reported a net profit after tax of $96m for the year to 30 June 2013, up from $95m in the previous corresponding period.

B&T Magazine
Posted by B&T Magazine

The result is ahead of the media company’s forecast of between $90m and $95m it gave at its half year results in February.

The broadcaster has declared a fully franked final dividend of 4.5 cents per share.

Net debt for the group is now at $600.1m.

SCA’s chief executive Rhys Holleran said: “The market is certainly not getting any easier, yet we have delivered a commendable result on the back of a resilient radio business, with dedicated commitment from our people who perpetually seek better ways to do things.”

 “Whilst we continue to operate in changing and uncertain economic conditions, we are steadfastly committed to strengthening our engagement with our fans through innovative content development, leveraging the substantial digital footprint we have built and relentless focus on operational improvement.”

The year has not been an easy one for SCA, with the royal prank scandal still hanging over the broadcaster’s head with the Australian Communications and Media Authority investigation.

More to come.