Australian media group APN, which is 40.5% owned by Independent News & Media, has reported net profits of A$103.5m for last year, up 20% on the previous year.
Revenue before exceptional items increased by 11% to A$1,143m. CEO Brendan Hopkins said strong trading conditions in the first half continued into the second half of 2003.
Revenue at the New Zealand Herald rose by 18%, with earnings up 23% to A$89m. Regional newspapers in Australia and New Zealand also performed strongly. Revenue and profits in APN's radio division were up by 13%.
