Austereo expects profit decline

Austereo is expecting “a drop in earnings for the current financial year” because of a soft advertising climate and the cost of relaunching Triple M, according to Austereo Chairman Peter Harvie.

Harvie told shareholders at the company’s annual general meeting: “The radio broadcasting group is expecting a modest decline in earnings before interest and tax for the current year… but we expect to recover some ground in the second half.”

He put the expected decline down to “a poorer advertising environment in July and August,” and money spent on the relaunch of the Triple M network. Other factors included increased competition from the new Perth Nova station, which was launched in last year.

Read the report from The Age in Paper Clips or the link below.