APN News & Media, the Australian newspaper publisher and radio network which is 45% owned by Independent News & Media, said its first half net profit had jumped 63% to 36.03 million Australian dollars. The group said it was on track to meet full year forecasts.
'The board believes that, assuming the expected upturn in the advertising market and the continuation of operational improvements over the remainder of the year, profit forecasts for the full year remain achievable,' APN said in a statement.
In May, APN said it was on track to meet forecasts of about $92.5 million in net profit for the calendar year of 2002.
Today's reported profits were on the back of a 67% revenue hike to $476.2 million and for the first time included a contribution from New Zealand based published Wilson and Horton. APN acquired this in December 2001 and admitted that its interim earnings would have been down slightly without the inclusion of earnings from the New Zealand company.
APN Chairman James Parkinson said APN was not interested in any CanWest Global Communications assets up for sale in New Zealand. However, he confirmed that the company may pursue publishing and outdoor advertising opportunities in India.
He added that APN continued to 'admire' Australian publisher John Fairfax Holdings, but refused to comment on long running speculation that Tony O'Reilly may pursue a takeover play for the company.
