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Southern Cross Media posts hefty loss
01 September 2010
Regional radio and TV operator Southern Cross Media (SCM) recorded an $82.7 million annual loss in the financial year to June 30.
SCM, formerly Macquarie Media Group, had posted a $84.6 million loss in the previous financial year. Net profit for the year ended June 30 was $19.9 million (a 6.8% rise from $18.6 million) and revenue climbed 2.8% to $406.9 million, from $395.7 million.
During this period, SCM took a $102.6 million loss when it sold its US community newspaper business American Consolidated Media LLC to its lenders.
Its CEO Rhys Holleran is “cautiously optimistic” about the second half of the financial year. He says that in the last six months, their regional TV business grew 6.5% for the full year. Their radio division was down 1.3% but “grew positively in the last quarter.”
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