Southern Cross Austereo says cricket's Big Bash rated extraordinarily well for its regional television network and improved its sales performance.
But Southern Cross Television still needs to see a sustained improvement in ratings in the second half of the financial year to reap the full benefit of the investment in the domestic T20 league.
The media company, which also owns Triple M and Today radio networks, made a net profit of $45.9 million in the six months to December 31, up 1.7 per cent on the previous corresponding period.
Revenue was up 1.3 per cent on the same half last year, to $331.9 million.
The company said the Big Bash rated well for its regional affiliate of the Ten Network, and improved the network's sales performance.
"I don't think anyone thought it was going to rate as high as it did," chief executive Rhys Holleran said.
"It's extraordinary. In regional markets it rated out of the ball park."
He said the Sochi Winter Olympics was also rating well, but Southern Cross needed a sustained ratings lift in order to benefit from these big events.
In radio, the Southern Cross Austereo network remained the most listened to FM metro radio network, with 34.4 per cent market share.
However regional radio revenue was flat and national radio revenue was "challenged", the company said, which it expects to continue for the rest of the financial year.
The company's shares dropped 12.5 cents, or 7.8 per cent, to $1.485.
IG market analyst Evan Lucas said the results were slightly below expectations, while Southern Cross Austereo's outlook was vague.
"All of that very indirect wording is certainly not helping their cause," he said.
