APN News & Media – the Australian media group in which Independent News & Media (INM) owns a 32.2% stake – has reported a 36% year-on-year drop in EBITDA and a 50% fall in net after-tax profits for what the company has called a “challenging” first half to the year.

AUSTRALIAN newspaper publishing and radio ownership group APN News & Media — in which the Dublin-based Independent News & Media (INM) owns just under 40% — has reported worse than expected figures for 2008.

APN News & Media — effectively the Australian arm of Independent News & Media (INM) — said yesterday that its profits for its current financial year could fall by as much as 5% due to the worsening global credit conditions.

Independent News & Media (INM), publisher of the Irish Independent, is considering the sale of its 39.1% shareholding in Australasian media company, APN News & Media.

APN News & Media, owned 39.1% by International News & Media, said sales in the half year to June 30, rose 2.5% to A$624.5m (€366.86m).

APN News & Media, in which Independent News & Media has a 39.2% shareholding, today announced a record profit after tax for 2007 of $169.4m (€115m).

THE Dublin market dropped back after Friday’s high. The exchange was 39.02 points lower at 9679.73.

APN News & Media has said that its independent directors have yet to reach a conclusion over the Aus$2.4 billion (€1.42bn) takeover offer from an investment group headed by Independent News & Media.

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 News & Media, the Australian subsidiary of Independent News & Media, releases financial results for the six months to end June tomorrow.

PROFITS at Independent News & Media jumped nearly 42% last year largely due to a strong contribution from its papers in Ireland and South Africa.

The ISEQ fell 21.35 points this morning to stand at 6747.61 at 10.30am.

Trading in APN News & Media (APN), in which ISEQ-listed Independent News & Media has a 39.7% shareholding, has remained in line with previous guidance, according to a trading statement released today.

THE directors of Independent News & Media (IN&M) were paid €8.1 million last year, a 10% rise on the 2003 figure.

THE 40% growth in net profits at Independent News & Media’s 40% owned APN News and Media company had practically no impact on the share price of the owner of the Irish Independent yesterday.

Dublin's ISEQ closed up 13.51 points to 5,328.80 today despite the financials seeing a decrease of 65.38

AFTER-TAX profits at APN, the Australian media group 40.5%-owned by Independent News & Media, are set to hit $A120 million (€73.6m) for 2004, up from $A103 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.

The Iseq index closed at 5219.89 today up 48.45 points.

INDEPENDENT News & Media’s Australian business expects to report after-tax profits of E60 million.

TRADING volumes in Dublin were light again with markets taking no clear direction, as investors awaited comments from the US Federal Reserve due yesterday evening.

TONY O’REILLY’S Independent News & Media looks to have lost out in a battle for control of the Glasgow Herald.

TONY O'REILLY and US billionaire investor George Soros are teaming up to make a major media acquisition in Europe.