APN sees net profits increase

AUSTRALIAN media group APN saw its first-half net profits rise 11%, on a year-on-year basis, for the six months to the end of June.

Independent News & Media (INM) has a 32% shareholding in the company.

Net after-tax profits for the group reached Aus$40 million (€28m), while pre-tax profits went from just under Aus$53.5m at the same point last year to Aus$62.6m. Earnings per share slipped from 6.9c to 6.7c, but the group’s underlying revenue was up by 5% on the corresponding period last year, at Aus$508.3m.