For the first half of 2009/10, Broadcaster Austereo Group Ltd. has reported a flat net profit. But it says that capital city radio ad market will steadily recover over the current half year.
$27.695 million net profit has been posted by Austereo for the first half of 2009/10, which is 0.6% down in the first half of 2008/2009. Revenue cut down 2.8% to $131.04 million.
"Based upon our estimates, we believe that the capital city radio ad market for the January-June 2010 half year will be in gradual recovery with the overall FY10 outcome better than -1 per cent and with clear positive indicators emerging. Importantly, the Australian radio industry is increasing audiences across all demographics - a unique position amongst most media", said the company in a statement.
In the first half, Austereo's sales share increased. Apart from decline, non revenue associated costs were down 1.9% down.
"Strong operational focus and cash flow management has delivered earnings per share of eight cents allowing Austereo to maintain the interim dividend at 4 cps", said the company.