Broadcasting group Southern Cross Media Group has gone into a trading halt.
The company told the ASX: "The trading halt is necessary to enable SCA to assess the impacts of the COVID-19 crisis on its business."
Southern Cross is preparing an announcement to inform the market.
The company's shares fell about one-third to $0.165 today, a long way from the 12-month high of $1.430.
Southern Cross first announced a pause in trading and then a further announcement of a halt.
The company's net debt, as reported in February, was $330.5 million, up 12%. The market capitalisation, based on the last traded share price, was $188.4 million.
In its half year results, Southern Cross posted an 8.2% fall in revenue to $308.11 million in a tough advertising market.
Net profit after tax was $20.4 million for the six months to December, up from a net loss of $119.3 million in the same half in the prior year.
Profit, excluding significant items, was down 32.7% to $26.62 million.
Outdoor media specialist oOh!media last week also went into a trading halt, saying it is considering a capital raising.
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