THE economic effects of the Queensland floods have forced regional broadcaster Prime Media Group to write down the value of its radio licences by $15 million.
Prime Media chief executive Ian Audsley said the non-cash accounting charge reflected the uncertainty in the regional Queensland radio market due to the "lingering effects of three natural disasters in the past two years".
Mining job losses and the reduction in both federal and state government advertising were also factors that had been considered, Mr Audsley said in a statement.
"Combined with the fact that the full impact of recent significant flooding in central Queensland coastal markets is yet to be fully understood and the potential for further such occurrences in the future, the board believes the impairment is prudent," he said.
Mr Audsley said Prime's radio arm continued to battle difficult trading conditions in a weakened Queensland economy.
Prime Media, which also broadcasts television into regional Australia, reported on Tuesday a 71 per cent decline in first half profit to $4.6 million compared with the previous corresponding half, due to the writedowns.
Excluding the non-cash writedown, Prime Media reported a core net profit of $19.4 million, up 21 per cent over the prior corresponding six months to December 31.
Group revenue of $144.1 million grew by $5.4 million or 3.9 per cent on the prior period.
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