Independent’s Australian papers see profits tumble

GAVIN O’Reilly has told shareholders in Australian media group APN that the business is likely to see net after-tax profits fall by between Aus$30 million and Aus$40m (€16.7m and €22.3m) in 2009.

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.