Southern Cross shares jump on annual profit results

Chris Pash
By Chris Pash | 22 August 2019

Regional radio and television network Southern Cross Austereo (SCA) posted full year revenue of $661 million, up just 0.5%, as advertising conditions slowed. 

The statutory result was a loss of $91.3 million. However, the underlying net profit after tax was $76.2 million, up 3.1%, when stripping out impairments including the value of regional television licences. 

"Local advertising slowed in both metro and regional markets, influenced by federal and state elections, the financial services royal commission and the contraction in housing and automotive markets," the company says. 

"These results reflected a strong sales performance by SCA in a challenging media environment, coupled with disciplined cost controls." 

Shares in Southern Crosss surged after the results. The shares closed at $1.17, up 2.6%. 

Metropolitan and regional radio and podcasting revenue was 2.4% higher at $453.4 million. Southern Cross has the Triple M and Hit Networks.

This was driven by 9.2% growth in national revenue, which benefited from the federal election and the Boomtown regional trade marketing campaign.

sca annual results 2019

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