APN News and Media has reported net profits after tax of A$19m for the six months to June, down from the $21.8m reported the same time last year.
Independent News & Media has a 29.5% stake in the Australian-based company.
It said its publishing division continues to see challenges while its outdoor and radio operations outperformed expectations.
APN said that non-cash impairment charges resulted in an exceptional loss of $319m for the six month period, which mainly related to its publishing business in New Zealand.
Half yearly revenues were down 6% to $477m, while the company managed to reduce its net debt by $168m.
''It has been a tough first half for our publishing business, particularly in New Zealand,' commented APN's chief executive Bret Chenoweth.
''While it is clearly a difficult result, our newspapers have remained very profitable and relevant despite difficult advertising markets and structural challenges,'' he added.
