APN makes dividend payments amid talk of an upturn in media business

AUSTRALIAN media group, APN, in which Independent News & Media (INM) has a 32.2% stake, has resumed dividend payments to shareholders and is talking of an upturn in business conditions.

Those positive comments come even though the company has reported that after-tax profits last year fell by 34%.

The Sydney-based group – which has newspaper publishing, outdoor advertising and radio interests across Australia and New Zealand – reported net after-tax profits of Aus$94.2 million (€62.6m) for 2009, down from Aus$143.1m in 2008. Earnings per share fell by 40% to 17c, while underlying group revenue shrunk by 14% to just over Aus$1.03 billion. A resumption of a dividend payment saw a payout of 4c per share.