Australia's Southern Cross Media hits lowest in 1-1/2 months on weak HY results

Southern Cross Media

29/02/2024 24:28

** Shares of Southern Cross Media Group  SXL.AX  fall as
much as 5.8% to A$0.900, their lowest since Jan 16
    ** The broadcaster posts HY net profit from ordinary
activities after tax (excluding significant items) of A$4.5
mln($2.92 mln), down 69.5% from corresponding period
    ** Adds HY revenue from ordinary activities A$251.3 mln,
down 2.9% from last year
    ** Co says capex will reduce further from A$15 mln in FY24
to A$12 mln in FY25
    ** Stock down ~4% YTD

   ($1 = 1.5396 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))