APN News & Media, in which Independent News & Media's has a near 40% stake, has reported net profits of A$130.2m for last year, up 26% on 2003. Revenue was up 12% to A$1,283m.
The company said its new Herald on Sunday newspaper in New Zealand built a circulation of 100,000. Its New Zealand publishing division saw earnings rise by 16% on 11% higher sales.
APN's regional newspaper division reported 24% higher profits, helped by strong growth in property and recruitment advertising.
Radio profits were up 20%, with revenue rising by 14%. APN says trading in the current year is in line with expectations.
