Profits fall at APN News & Media

AUSTRALIAN newspaper publishing and radio ownership group APN News & Media — in which the Dublin-based Independent News & Media (INM) owns just under 40% — has reported worse than expected figures for 2008.

Earlier this month, analysts warned that the group’s profits could fall as much as 5%. Yesterday’s figures however showed a 17% drop to Aus$140 million (e71.3m) for what the company called the most challenging trading conditions it has faced.

Group revenue came in at Aus$1.2bn, down by 7% on the previous year. Earnings before interest, tax, depreciation and amortisation (EBITDA) were also down — by 11% — at Aus$319.5m, while earnings per share fell by 17%. After exceptional items, APN made a net loss of Aus$24m — compared to a profit of Aus$167.4m in 2007.