APN News and Media has reported a 46% fall in net profit after tax for the six months to the end of June with the company's performance hit by weak retail markets and natural disasters including the flooding in Queensland and the earthquakes in New Zealand.
APN, in which Independent News & Media has a 31% shareholding, said its net profits after tax fell to A$21.8m, while revenues for the six month period were flat at A$508m.
The company also announced a non-cash impairment charge of A$156m due to APN's metropolitan newspapers in New Zealand, which adjusts the valuation of those assets in line with prevailing international benchmarks and current market conditions.
APN said today's results come after a challenging time for its publishing business, but they also include a strong contribution from its outdoor division and a solid performance from the radio division with increasing advertising share in both Australia and New Zealand.
