Southern Cross Austereo has released its full-year financial results ending 30 June 2015. CEO of SCA, Grant Blackley called the results “disappointing”.
The results from the investor presentation show net profit after tax, excluding significant items, dropped 18.7 per cent, down to $64.8 million.
While the revenue was at $611.1 million for the full-year, it was a 4.6 per cent drop from the previous year.
SCA reports its regional radio advertising revenue growth was up by 3.5 per cent.
Of the results, CEO Blackley said: “The full year FY 2015 results reflect a weaker television advertising market and a reduced, but stabilised metro radio market share.
“Whilst the financial results have been disappointing, I am excited by the opportunities that the Group presents and have begun implementing a number of strategic and operational initiatives that are focussed not only on delivering short term improvements in financial performance, but positioning Southern Cross Austereo for long term success.”
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