Mixed fortunes for regional broadcasters

Two regional broadcasters have released financial results for the six months to December 31, 2011.

Both Prime Media Group and Southern Cross have interests in radio and television.

Prime Media Group says growing audience share in a challenging advertising market has led to a rise in first half net profit.

Profit for the six months was $16.15 million, up 4.9 per cent from the previous corresponding period.

Revenue was up 4.9% to $138.69 million.

The Seven affiliate said the ratings at its television stations rose 2.9%, with a 2.95% increase in television advertising revenue share.

“Prime has delivered on its strategy to grow television audiences in order to improve its revenue position,” chief executive Ian Audsley said in the statement.

In contrast, Southern Cross reported a net profit after tax of $94 million in the six months to December, up 180%, and revenue of $362.6m, but like-for-like revenue was down 2.7%.

“We are struggling a little more on television than we are on radio,” he said. “Television revenues continue their difficult run. They are down 6.2 per cent for the half.”

However, he added that there had already been some positive signals TEN and that Southern Cross was striking up a good relationship with TEN CEO James Warburton.

Source: BusinessDay.com.au, The Australian