APN posts record profit in 2003

APN News & Media in which Independent News and Media has a 40.5% shareholding has reported a record profit of Aus$103.5m (€63.66m) for 2003.

This was an increase of 15% on the previous year with earnings per share increasing from 10% to 22.9 cents per share.

Earnings from core operations improved and were enhanced through new product developments, the company said today.

Trading across all major divisions in 2003 was positive, with the newspaper divisions again showing the ongoing strength of publishing as a growth media asset.

APN confirmed that it will seek a secondary listing on the New Zealand Stock Exchange, and will continue to investigate a full dual listing.

Going forward, the media firm said Q1 2004 continued to produce good results with its newspapers and radio operations performing well in both Australia and New Zealand.

In an address to shareholders, the company said that with a continuation of good market conditions it would be confident of achieving net profit after tax of Aus$120m (€73.80m) in 2004.