Southern Cross Austereo posts 48% profit increase

By By Frank Chung | 29 August 2012

In its first full year post-merger, Southern Cross Austereo (SCA) has posted a 48% increase in net profit after tax to $95 million.

In the 12 months to 30 June 2012, the group's total revenue was up 39.5% to $687.3 million, while earnings before interest, tax, amortisation and depreciation (EBITDA) were up 40.2% to $225.8 million. Net debt for the group was reduced by $71.6 million to $621.8 million.

SCA chief executive Rhys Holleran said it was a "commendable performance in a difficult market".

"The energy and commitment our staff have shown in embracing our vision of becoming a national multi-platform media network has driven much of this success, and positions us well for the challenges that lay ahead in a difficult advertising market," Holleran said.

SCA will pay a fully franked dividend of 5 cents per share, taking the full-year dividend to 10 cents per share fully franked on reported earnings of 13.5 cents per share, a 74% payout ratio.

Southern Cross Media completed its takeover of Austereo Group in May last year, bringing together the Austereo radio network and Southern Cross Media's TV stations.

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