SCA CFO resigns following weak profit outlook

Southern Cross Austereo’s Chief Financial Officer Peter Lewis has resigned just one month after taking up the position.

Confirmed by AFR this morning, Lewis’ resignation follows the TV and radio company’s profit slump last month.

Southern Cross Media Group said its net profit was predicted at $80 million for 2014 rather than previous predictions of $89 million. Regardless, the profit guidance is a substantial downgrade from its 2013 earnings, which sat at $96.1 million at the end of the financial year.

Because of this, SCA’s loss of Kyle and Jackie O to rival KIIS FM last year and the consequential 10% ratings drop in June, industry whispers have suggested SCA could even take a hit of 30%.