Southern Cross Media has almost tripled its net profit after acquiring the Austereo radio group.
Now called Southern Cross Austereo, the rebranded company has assets across regional television, regional and metropolitan radio, plus digital outlets.
It has posted a $94 million net profit for the six months to December 31, 2011, up from $33.6 million in the previous corresponding period.
The result included a $36 million one-off benefit from the acquisition of Austereo.
Southern Cross Austereo shares were up 11.5 cents, or 10 per cent, at $1.26 at 1046 AEDT.
“Despite a subdued advertising market, we have been able to leverage the considerable strengths and talents of the combined businesses to further improve margins and benefit shareholders,” chief executive Rhys Holleran said in a statement on Tuesday.
“The integration of the regional and metro businesses will continue to produce positive results for our audiences, advertisers, staff and shareholders.”
The company declared a fully-franked interim dividend of five cents per share.