APN downgrades its full-year profit forecast

CURRENCY and advertising market weaknesses have led Australian media group APN to downgrade its full-year profit forecasts.

The Sydney-headquartered group — which is 31% owned by Independent News & Media (INM) — shifted into loss-making mode in the first half of this year; interim results published in August showing a A$131.6m (€97m) loss (as opposed to a first-half 2010 profit of A$62.5m/e42.1m).

Yesterday, the group issued a brief trading update, saying that its projected full-year net after-tax profit for 2011 of between A$75m and A$77m will be “slightly below current market consensus”.