APN, the Australian group which is 39.1% owned by Independent News & Media, has reported a 17% fall in net profits for the year to December 2008. It said its net profit after tax fell to A$140.1m, down from A$169.5m the previous year.
Revenues for the year fell by 7% to A$1.226 billion from A$1.314 billion in what the company called its most challenging trading conditions that it has faced as a listed company.
APN said that the second half of the year was 'particulary challenging'. Its New Zealand businesses faced a sharp downturn in the local economy. In Austalia, despite attempts by the government to stimulate consumer demand, the growing financial crisis affected the confidence of its customers.
It cautioned that the outlook for 2009 remains challenging.
