SCA to receive a further $12 million from JobKeeper
Southern Cross Austereo (SCA) will save a further $12 million in staff costs over the coming months thanks to the Federal Government’s ongoing JobKeeper program.
SCA had received $16.1m under the program to subsidise wages for the year to June 30.
The program changed on September 28, however, with slightly lower payments and a different test methodology for eligibility.
SCA told the ASX today that its revenues had fallen by more than 30%, making it eligible for JobKeeper 2.0. It expects to receive $12 million between September 28 and January 3.
The program changes again in January, and SCA said by then it does not expect to be eligible.
“Advertising bookings for the December quarter are stronger and the gradual easing of COVID-19 restrictions in Victoria will further aid recovery of revenues,” SCA said in an ASX update.
The group said its balance sheet was getting stronger, with net debt on September 30 down to $93 million, a reduction of $39 million since June 30.