Broadcaster Southern Cross Media Group's first half profit has slumped 52 per cent during what the company says is one of its most difficult periods.
Southern Cross made a net profit of $45.1 million in the six months to December 31, down from $94 million in the previous corresponding period.
The profit fall was partly due to a $40 million tax benefit in the previous corresponding period from the company's acquisition of the Austereo radio business which owns stations including Sydney's 2DAYFM and the Triple M network.
Southern Cross also operates regional television and ONE HD.
Its revenue was also lower in the six months to December, down 10 per cent from the previous corresponding period to $327.7 million.
"We have had one of the most difficult 12 months in our history," chief executive Rhys Holleran said in a statement, in reference to weak advertising markets.
But, he said, the company had beaten its previous forecasts with an underlying profit, which excludes one-off financial items, of $47.6 million.
"We are well-positioned to take advantage of any upturn in advertising markets," Mr Holleran said.
"Sentiment is on the improve in advertising circles and our talented and dedicated staff are fine-tuned and ready to respond."
Advertisers pulled content from 2DAYFM during the first half of the financial year, due to a prank call to a London hospital where the Duchess of Cambridge was receiving treatment.
The company declared a fully-franked interim dividend of 4.5 cents per share.