Shares in Prime Media have plunged to a six year low after the regional TV broadcaster said advertising revenues have taken a turn for the worse.
Prime's ad revenues dropped 6.9 per cent in the two months to August, and it expects a similar performance for the month of September.
The company, which is affiliated with the Seven Network, said late on Thursday that there is a lack of confidence among regional advertisers due to poor consumer sentiment, with markets dependent on mining activity the most affected.
Prime's announcement came just four weeks after flagging "modest" expectations for the first half of the 2015/16 financial year. It achieved a 5.2 per cent rise in net profit to $35.6 million in the 2014/15 year despite falling ad revenues.
Prime shares fell as much as 10 cents, or 16.3 per cent, to 51 cents on Friday, close to half their value a year ago.
The shares closed 8.5 cents lower at 52.5 cents, their lowest level since mid-2009.
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