19 Feb 2013

Big drop in profit at Southern Cross

11:36 am on 19 February 2013

First half profit at Southern Cross Media fell 52% to $A45 million.

The Australian radio and TV broadcaster made a net profit of $A45.1 million in the six months to 31 December, down from $A94 million in the previous corresponding period.

AAP reports the fall in profit was partly due to a $A40 million tax benefit in the previous corresponding period from the company's acquisition of the Austereo radio business.

Revenue was also lower in the six months to December, down 10% from the previous corresponding period to $A327.7 million.

"We have had one of the most difficult 12 months in our history," said chief executive Rhys Holleran in a statement, in reference to weak advertising markets.

But, he said, the company was well-positioned to take advantage of any upturn in advertising markets.

Advertisers pulled their business from 2DAYFM after a prank call to a hospital in London where the Duchess of Cambridge was receiving treatment.

The company declared an interim dividend of 4.5 cents per share.