APN News & Media hit by natural disasters and weak retail markets

AUSTRALIAN media group APN News & Media became loss-making in the first half of this year due to weakening retail markets and natural disasters in its core markets.

The Aus$62.56m (€42.1m) pre-tax profit seen in the first half of 2010 fell to a loss of Aus$131.6m (€96.9m) in the first six months of this year.

The Sydney-headquartered group — which is 31% controlled by Dublin-headquartered Independent News & Media (INM) — said that a mix of poor consumer confidence along with floods and earthquake damage affected operations.