Pre-tax profits are down from £17.8m to £14.2m for the six months ending March 31 2002. Turnover was down by 8.2% to £60.03m from £65.4m for the same period last year.
The news pushed Capital shares down in early trading falling 1.82% to 765p a fall of 14.5p.
In a statement, Capital described conditions as "challenging". The figures are in line with what Capital had forecast.
Capital, which owns Capital FM in London, the Century network and London indie rock station Xfm, said it had achieved operational savings of £1.5m in the first half from a 5% reduction in head count.
David Mansfield, chief executive of Capital Radio, said: "Today's results demonstrate a resilient performance in a tough advertising marketplace. In the last six months, we have continued to invest in and develop our radio brands while carefully managing costs. We broadly welcome the draft communications bill and will seek to take advantage of any appropriate value-creating opportunities."
Shares in Capital fell by 9.5p this morning to 770p, a fall of 1.2% on yesterday's closing price.
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