Southern Cross HY 2005 off 2.8 per cent

Melbourne: On March 8, Southern Cross Broadcasting (Australia) Limited, reported half year financials to December 31, 2005. Chairman, John Dahlsen said unaudited net profit, before interest on Convertible Preference Shares (“CPS”) and specific items was off 2.8 per cent at A$31,096,000.

Briefly the main results show:

• After three consecutive years of solid growth, the advertising market has entered a weaker phase in its cycle with the Adelaide market contracting 3.4% and regional TV growing only 1.3% for the half. Metropolitan radio was up 4.1%; • Sales revenue from TV declined 0.6%, reflecting a softer ad market. Revenue market share remained steady for both Channel Nine Adelaide and Southern Cross Ten while Nine Adelaide had to pay high program fees. • Radio earnings and market share grew; • The significant revenue increase in Southern Star is attributable to Carnival (UK).

FUTURE OUTLOOK

Advertising conditions remain difficult with short term buying; TV revenue to be flat, Radio to grow in the second half. Southern Cross said its company’s business units remain very sound, with strong medium term prospects for growth.

About SCB

Southern Cross Broadcasting (Australia) Limited owns and operates commercial radio and television stations throughout Australia and an integrated film and television production and distribution business in Australia and overseas. Regional Television Network: Southern Cross Ten Queensland Southern Cross Ten Northern NSW Southern Cross Ten Southern NSW and ACT Southern Cross Ten Victoria Southern Cross Television Tasmania Spencer Gulf Telecasters South Australia Southern Cross Ten South Australia Southern Cross Central Southern Cross Darwin 50% interest in Tasmanian Digital Television Metropolitan Television Station: Channel Nine Adelaide Talk Radio Network: 3AW Melbourne 2UE Sydney 6PR Perth 4BC Brisbane Music Radio Stations: Magic 693 Melbourne 96FM Perth 4BH Brisbane Southern Star Southern Star Entertainment Southern Star Sales Southern Star Entertainment UK Carnival (UK) 49% interest in Endemol Southern Star 50% interest in Southern Star Golden Globe

Other Businesses:

Southern Cross Sales Satellite Music Australia Southern Cross Syndication Southern Cross Telecommunications Southern Cross Tricom Southern Cross Broadcasting’s media interests have a potential reach of 94% of Australia’s population.

(Editor : Would you buy Southern Star shares? What is the best, ROI valued broadcaster in Australia?)