Southern Cross Austereo’s “most difficult 12 months” has led to profits dropping more than 50%, from $94m for the first half of 2012 to $45.1m this year.
Despite the radio network being rocked by the misfiring royal prank call scandal it is the TV operation which has been hardest hit dropping 16.5% to $113m revenue from $135.3m.
This has been driven by content partner Ten's dip in viewing numbers, contributing 67% of revenue shortfalls, and associated loss of ad revenues, but CEO Rhys Holleran said they "remain supportive" of the partnership.
Radio was back just 1.8% from 85.6m to 84.1m in its regional operations, but down 6.1% to $134.5m in metro areas, with "on-air incidents" blamed for the drop.
In a statement Holleran (pictured) said: “We have had one of the most difficult twelve months in our history. Despite this, we have produced a result that has met market expectations through rigorous operational management.
“We are well positioned to take advantage of any upturn in advertising markets. Sentiment is on the improve in advertising circles and our talented and dedicated staff are fine tuned and ready to respond. ”
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