APN News & Media, the group 39 per cent owned by Independent News, announced a 2.5 per cent increase in trading revenues for the first half of 2008 and said its results were broadly in line the previous year.
In an interim statement released today, the company said trading revenues on a constant currency basis rose to A$624.5 million (€366 million), while earnings before interest and taxation (EBIT) and non-recurring items fell to A$139 million (€81.5 million), compared with A$142.4 million (€83.5 million) last year.
Net profit after tax, before non-recurring items, of A$72.3 million (€42.4 million) was broadly in line with the same period a year ago, it said.
APN publishes 23 regional daily newspapers and in excess of 100 other titles in Australia and New Zealand.
APN Chief Executive Brendan Hopkins said the results were "a good set" against the background of the global credit crisis, with Australian and Asian businesses performing well during the period.
"Significant progress is being made in our online business," he said.
"The group has now substantially completed the significant business re-engineering programme announced two years ago. Whilst we have undoubtedly seen some 'project creep' during the half, particularly in relation to our Australian publishing business, all projects are now fully operational."
The company also announced it had acquired New Zealand outdoor advertising business Media1.
Looking at the full-year forecasts, Mr Hopkins said the firm was expecting net profit after tax of A$162 million (€94.9 million), but cautioned that it would depend on the final quarter's performance and the New Zealand trading environment, which has been hit by the economic slowdown.
