Southern Cross Media Group Limited, the parent company of Southern Cross Austereo (SCA), has reported an underlying net profit after tax of $27.4 million, up 38.4% on the prior year.
The company said SCA?s audio audiences and revenues grew strongly, while television delivered improved margins following SCA?s affiliation switch to Network 10.
?We are very comfortable retaining our television assets. The ongoing contribution from television will support future returns for SCA?s shareholders through fully franked dividends and resumption of the current share buy-back? said CEO Grant Blackley.
Shares dropped 1.12% following the announcement.