APN reports a 50% drop in profits

APN News & Media – the Australian media group in which Independent News & Media (INM) owns a 32.2% stake – has reported a 36% year-on-year drop in EBITDA and a 50% fall in net after-tax profits for what the company has called a “challenging” first half to the year.

After a failed attempt to sell its stake, INM said earlier this year that it now has no intention of exiting the Australian group.

INM chief executive and APN chairman Gavin O’Reilly, told the group’s shareholders recently that although full-year after-tax profits for APN will probably dip by between Aus$30m-Aus$40m (to around Aus$100m) this year, second half decline is not expected to be big – unlike in 2008.