IN&M’s Australian arm to report E60m profit

INDEPENDENT News & Media’s Australian business expects to report after-tax profits of E60 million.

In a trading update yesterday APN News & Media, 41% of which is owned by Independent, says it is due to meet the profit target after a positive third quarter of the year with buoyant advertising revenue.

APN also said the refinancing of its banking facilities has reached its final stage and will be completed by the end of December.