Independent’s APN to make €77m net profit

INDEPENDENT News & Media’s Australian arm, APN, said it is on course to make net profits of €77 million this year.

In 2003 APN reported full year profits of €62m.

The company, which is nearly 40% owned by Independent, said its newspaper division in New Zealand and Australia had good growth in circulation and advertising.

It said the New Zealand Herald, the Herald on Sunday, The Aucklander and New Zealand magazines, continued to perform above expectations thanks to a buoyant advertising market.

“In Australia, advertising in the key categories of employment, real estate and retail remained strong across the 14 daily newspapers.

“Advertising in quarter three returned good double-digit growth, driven predominantly by yield, but with a 5% increase in volume over the same period in 2003,” the company said.

The radio arm also enjoyed strong growth since June and is expected to report a “double digit” increase in earnings before interest and tax.

It’s outdoor advertising division had a number of major contracts renewed “which will produce good revenue gains in 2005.”

Independent also announced yesterday it was looking to buy back about €75m worth of 9.25% guaranteed bond, in a move to tidy up its balance sheet.