Broadcast media group Southern Cross Austereo posted an 8.2% fall in revenue to $308.11 million in a tough advertising market.
Net profit after tax was $20.4 million for the six months to December, up from a net loss of $119.3 million in the same half in the prior year. Profit, excluding significant items, was down 32.7% to $26.62 million.
Underlying EBITDA (earnings before interest, taxes, depreciation and amortisation) was $62.2 million, within guidance provided in October 2019 but down 17.6% on the same period year before.
In early trade on the ASX, Southern Cross shares were up almost 8% to $0.815.
The company -- with 96 radio stations and 105 TV signals across 35 markets -- says its sales teams performed strongly in a weak media environment.
The Boomtown industry trade marketing initiative saw national regional advertising revenues outperform metro markets.
Digital audio revenues grew 140%, led by PodcastOne Australia.
The company declared an interim fully franked dividend of 2.75 cents a share, down from 3.75 cents paid the year before.
CEO Grant Blackley says the company's strategy has two pathways.
"We will ensure our core business is resilient, effective and efficient at delivering compelling content for our audiences and demonstrable positive returns for our advertisers and other business partners," he says.
"At the same time, we will invest in developing new on-demand and personalised audio products to build profitable and sustainable revenue streams for the future."
Costs cutting is expected to deliver $5 million to $10 million in savings this year.
The half year numbers:
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