Regional broadcaster Prime Media Group is down $44.44 million in the last twelve months after being hit by the downturn in advertising.
Revenue rose 5.5 per cent to $278.86m.
In the previous twelve months its profit was $14.53m.
According to AAP, CEO Warwick Syphers said Prime’s core regional television operations had performed solidly, buoyed by the continuing strong performance of Seven Network programming.
Prime, which includes a radio arm, added that revenue for regional television is down of 5.3% across the board, but flagged signgs of improvement.
Syphers indicated the group was positioned to perform strongly as the economic outlook improved.
Source: AAP / The Australian