Southern Cross Austereo's first-half profit has risen 11.8 per cent to $48.5 million after its switch to Nine helped regional revenue surge 15 per cent.
Southern Cross Austereo has lifted its first-half profit 11.8 per cent to $48.5 million after a big rise in regional revenue thanks to its affiliate switch to Nine.
Revenue for the six months to December 31 rose 9.2 per cent thanks to advertising growth across all asset classes, with regional revenue surging 15 per cent to $216.7 million.
Regional TV advertising revenues leapt 28.7 per cent.
"These results demonstrate the depth and strength of a diverse media company that is outperforming the market in each of its categories," chief executive Grant Blackley said.
"We have been systematically resetting SCA for success by focusing on our financial performance, our operational effectiveness in our existing businesses and investing in new growth opportunities that leverage our expertise in audio and entertainment."
Southern Cross said full-year operating earnings before interest, tax, depreciation and amortisation are forecast to be at the lower end of its $177 million to $183 million guidance range.
Regional radio revenue rose 2.8 per cent, although the TV and radio unit was hit by one-off marketing expenses of $1.4 million related to rebranding.
SOUTHERN CROSS'S SIX MONTHS
* Net profit up 11.8pct to $48.5m
* Revenue up 9.2pct to $351.8m
* Interim dividend up 0.5 cents to 3.75 cents, fully franked