Australia's Southern Cross Media drops most in about 18 mths on poor FY results

Southern Cross Media

17/08/2023 02:25

** Shares of Southern Cross Media  SXL.AX  dive as much as
8.8% to A$0.825, worst day since Feb 24, 2022 - if losses hold 
    ** The broadcaster reports a 20.1% drop in the FY net profit
after tax to A$21.9 million ($14.02 million), amid a challenging
environment for broadcast media markets
    ** Also reports a 3.7% fall in its annual revenue to A$505.6
million ($323.69 million)
    ** Says it is well-positioned to benefit from expected
improvements in advertising markets in the second half of FY24
    ** Shares hit lowest since June 29 
    ** Stock has fallen ~15% this year as of last close


($1 = 1.5307 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))