In its first full-year result since jettisoning the Kyle and Jackie O cash cow, Southern Cross Austereo has reported a revenue drop of 0.3% on the previous year and net loss of $296 million.
The broadcaster reported a Net Profit after Tax excluding significant items of $79.9m but write-downs of $392.5 million weighed heavily on the books.
Chief executive Rhys Holleran said that the 408% drop in reported NPAT was the result of a number of significant items that primarily related to the impairment of the group's regional assets.
SCA reported revenues of $640.8 million.
Holleran said despite the write-downs the business was heading in the right direction.
“The FY14 results continue to show the resilience of our business,” he said.
“In what has been a challenging trading environment, and a challenging year for the group overall, I am pleased with the results and the direction in which the group is heading.”
The company reported that the regeneration of the Today Network advertising revenues was “well underway with 60% of the revenue decline offset by the growth of the Triple M Network”.
Looking forward to the first half of the 2015 financial year, SCA warned that conditions would remain tough based on comparisons with the previous corresponding period.
It predicted revenue would be down 5-7% compared to the first half of the 2014 financial year and Earnings Before Interest, Tax, Depreciation and Amortisation would be down by 10-15%.
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