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Southern Cross Media Group Limited (ASX:SXL) operates broadcasting and publishing businesses. The Company operates radio and television stations in the regions of Australia and also publishes community newspapers.
Southern Cross Media has announced its 1H FY19 results for the period ended 31 December 2018. As per the report, the Group reported a top line of $335.7 million for the six months ended 31 December 2018, an increase of 0.2% from $335.2 million for the same period in the prior year. EBITDA for the six months came in at $82.0 million increasing 2.5% from $80.0 million in the same period in the prior year.Â
Net loss after tax was $119.3 million for the six months ended 31 December 2018 as compared to the net profit after tax of $37.5 million in the same period in the prior year. Current year results included impairment charges against the television intangible asset. Excluding this significant item, net profit after tax of $39.5 million is up 5.4% on the prior year.
The company witnessed more quality in its earnings with free cash conversion of 97.10% as compared to the 91.0% reported for the prior corresponding period. The board of directors of Southern Cross Media have declared an interim dividend of 3.75 cents per share, fully franked. This dividend shall be paid on 11 April 2019.
As regards the outlook for the FY 2019, the company has entered the new year with a stable portfolio of leading radio show formats across the groupâs national footprint. January and February trading has been slightly ahead of the previous year, with Nineâs tennis coverage contributing positively to the January result for Television. The growth in Audio revenues in the first half, generated by improved ratings, increasing digital radio audiences and further investment by national advertisers in regional markets, has provided a baseline for the second half.
Advertising markets are trading shorter than usual ahead of the Federal Election. Increases in election-related spending are to be expected and may be partially offset by reduced expense in other categories.
The company will maintain focus on bedding down the new national operating structure and workforce initiatives, delivering further operating efficiencies and positioning the group to take advantage of improvements in advertising markets.
Now, let us have a quick look at Southern Cross Media Group Limitedâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $1.110, trading down by 0.893% during the dayâs trade with a market capitalisation of ~$861.30 Mn. The counter opened the day at $ 1.200, reached the dayâs high of $ 1.210 and touched the dayâs low of $ 1.105 with a daily volume of ~3,649,702. The stock has provided a Year Till Date return of 13.71% & also posted gains of -13.85%, 6.67% & 12.56% over the past six months, three & one-months period respectively. It had a 52-week high price of $ 1.425 and touched 52 weeks low of $ 0.960, with an average volume of 2,399,690 approximately.
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