What's New November 18, 2013

Oceania report EON profits

Oceania Capital, the parent company of EON Broadcasting, who operate Sea FM and Mix FM on the Sunshine Coast, has released its half-yearly accounts to the market.

The results are for the 6-months to 30 September 2013, the first full 6-month period of ownership of Sea and Mix by Eon, and show Oceania's earnings prior to tax of $0.9m, from revenue of $3.6m.

Oceania Capital commented;

The business has been successfully transferred to EON and separated from the Southern Cross Austereo (SCA) network on a formal basis. SCA assisted in achieving what has been a smooth transition.

We have been particularly pleased with the way in which the staff have been supportive of EON as a new owner of the stations and have adapted to new systems and processes.

From a financial point of view, the business traded through this transition period admirably, with revenue for the 6 month period being 3% ahead of the previous comparable period.

We are not able to compare profitability to the prior comparable period because of the different ownership but the EBIT margin of the business through this period is running to our expectation.

We believe the two stations are the premier stations on the Sunshine Coast and the CEO of the stations, John Williams, has committed his team to maintaining that position.