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.