Shares of Southern Cross Media (ASX:SXL) took an 8.8% nosedive, falling to A$0.825, marking the worst day since late February 2022, provided the losses hold.

The media company reported a significant 20.1% dip in the fiscal year net profit after tax, totaling A$21.9 million ($14.02 million) against the backdrop of a demanding broadcast media market.

Also, their annual revenue decreased by 3.7%, bringing it down to A$505.6 million ($323.69 million).

Despite the tough market conditions, the company asserts its favorable position to profit from anticipated enhancements in advertising markets in the latter half of 2024.

As of today, shares have reached their lowest since late June and have dropped about 15% this year based on the last closing.

(Please note, the dollar value is as per the original report and may have changed as of today).

Southern Cross Media is a major Australian broadcasting company.