Southern Cross Austereo (SCA) entered a trading halt Monday afternoon after its shares dropped 33.9 per cent to 16 cents.
In the last month, SCA’s shares have sunk more than 29 per cent.
In a statement to the ASX, the media company said: “SCA advises that the trading halt is necessary to enable SCA to assess the impacts of the COVID-19 crisis on its business and to make an announcement to inform the market about those impacts and the actions being taken by SCA to address them.
As the ad market becomes increasingly uncertain, SCA isn’t the only company feeling the heat. Seven withdrew its financial guidance, as did Nine and oOh!Media. Meanwhile, oOh! has also entered a trading halt.
SCA’s net debt, which was reported in February, was $330.5 million. Its market capitalisation was $188.4 million.
In its half year results the company revealed an 8.2 per cent drop in revenue to $308.11 million.
