Media group APN sees 9% profits jump

Media group APN News & Media, in which Independent News & Media has a 41.8% shareholding, today announced a record interim after-tax profit of AUS$72.1m (€43m) for the six months ended June 30 2006, up 9% on the same period last year.

APN publishes 23 regional daily newspapers and more than 100 non-daily publications across Australia and New Zealand.

Continued population growth associated with resources and construction booms in Queensland has supported growth in property advertising, particularly in Toowoomba, Mackay and Rockhampton, the group said today. The category grew 13% in the first half, after double-digit increases in each of the prior three years.

In New Zealand, the regional property advertising market was up 17%.

Circulation revenue grew in both countries, up 4% in Australia and 3% in New Zealand.

APN also established an online division at the beginning of the year. The online jobs site search4jobs.co.nz was relaunched in May.

The company said today: "The board of APN News & Media continues to believe that, providing satisfactory trading conditions continue, growth in overall profitability will be in line with previous guidance.

"Following the recently-announced extension of the company’s share buyback, this means growth in earnings per share is expected to be between 5% and 10% for the full year."