Southern Cross Broadcasting this week announced an annual profit if $31.2 million. The profit result is 63.8% up on last year, but $1 million short of forecasts issued in April.
CEO Tony Bell said advertising had not improved as much as expected in the last quarter, but that 2UE had become more profitable in the past year. Income in the company’s radio division was up 17.3% and TV income tripled. Total revenue for the group was $316.9 million.
Earnings per share fell 2.8% and Southern Cross’ share price was down on news of the results.