Independent’s Australian papers see profits tumble
The company is likely to record profits for the year of between Aus$100m and Aus$110m (€55.6m and €61.2m). This follows after-tax profits last year of Aus$140.1m and a record $169.4m the previous year, as the tough trading conditions facing media companies continue.
Mr O’Reilly, who became chairman of APN a year ago, said at the company’s annual general meeting, that most of the profit decline would occur in the first half of the year.