Newspaper publisher APN, in which Independent News & Media has a 40% stake, has reported net profits of A$149.7m (€92.6m) for last year, a 16% increase on 2004. Revenue grew by 7% to just under A$1.4 billion.
Chief executive Brendan Hopkins said 2006 had started in line with expectations, and earnings growth of at least 5% was likely.
A breakdown showed publishing profits were 10% higher for 2005, while New Zealand profits were up 7%. Regional newspaper profits grew by 12%, radio was 15% ahead, and outdoor advertising profits were 17% higher.
APN said its Herald on Sunday title, launched in New Zealand 18 months ago, had exceeded expectations. The company has spent heavily on its launch and that of the Aucklander in 2003.
