Independent News & Media's Australian subsidiary APN has reported pre-tax profits of A$46.7m for the first half of this year, down 5% on the same period last year on 3% lower turnover of A$285.2m.
APN said a tough advertising market affected all its divisions, with regional newspapers particularly hard hit. Profits grew in its radio and outdoor advertising divisions, however, despite comparison with last year's pre-Olympic advertising surge.
The company said there had been some signs of a pick-up in its publishing businesses in recent weeks, but it warned that the outlook for the year was hard to predict as advertising remained volatile.
Recent media reports claimed Independent executive chairman Tony O'Reilly was planning a takeover bid for Australian newspaper group Fairfax Holdings, using APN as the takeover vehicle.
Today, APN chief executive Vincent Crowley dismissed the reports, though he said O'Reilly was excited about business prospects in the region.
