No Joy 2Day but Southern Cross Media Fundamentals Still Solid
Southern Cross Media's fiscal 2018 first-half result contained two surprises. First, the 12% fall in metropolitan radio EBITDA to AUD 27 million was disappointing, with 2Day FM continuing to struggle in the breakfast segment despite concerted investments. Second, the AUD 7 million rise in corporate costs to AUD 8 million was heftier than expected. We appreciate the prior period benefited from AUD 5 million in one-off cost relief (licence fees, copyright dispute resolution). However, the ripples ...
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