Australian media group APN News & Media, in which Independent News & Media has a 39% stake, has lowered its profit outlook for 2009.
Chairman Gavin O'Reilly told shareholders the board now expected net profit after tax to be A$100m to A$110m. APN had earlier signalled that it expected a figure of around A$120m.
Mr O'Reilly said most of the shortfall would happen in the first half of the year, as the results were being compared with strong figures from the first half of 2008.
He said the company's products and franchises were generally holding on to their market share, despite the problems caused by the financial crisis and economic downturn.
Mr O'Reilly said a cost-cutting programme meant that costs so far this year were down 10% from a year earlier.
INM last year reviewed its stake in APN with a view to a sale, but said earlier this year that deteriorating credit markets had made it difficult for interested parties to put together bids which would have been acceptable to INM and other shareholders.
