APN News and Media sees half year profits drop with regional publishing hardest hit
APN News and Media has has posted a net profit of just $7.5m for the six months ended June 30, down 67 per cent from $22.6m last year.
The company, which owns the Australian Radio Network (ARN) and various newspaper and advertising holdings, reported a net profit after tax before exceptional items of $25.1m, up three per cent year on year.
The company said the loss of its bus body contract in Hong Kong, which required a restructure of the business and 50 per cent of employees leaving at the end of June, was the most significant item in the $17.7m hit to the bottom line. The company said redundancies in both publishing divisions also contributed.
APN posted an earnings before interest, tax, depreciations and amortisation (EBITDA) of $71.2m, up one per cent when compared to the same six months ended June 30 last year.
