APN News & Media net profit of $22.6m
APN News & Media has today posted a statutory net profit after tax of $22.6m, up 77 per cent from $12.8m last year.
The media group, which has print, radio and assets, had revenue of $405.9m up 3 per cent on last year, with the company recording no dividend as expected.
APN also announced a new $630m debt facility as it seeks to refinance debts that were due to mature in 2015 and 2016 with a number of domestic and international banks.
The improvement in APN’s profits came on the back of a series of sales and acquisitions by the company which this year bought the other half of radio network ARN and also Hong Kong bus advertising firm Buspak, while selling 50 per cent of APN outdoor to private equity firm Quadrant Equity.
What is going on with their newspapers?
10.5m half year profit??!
How many of the mastheads are losing money? Has to be a few.
They have 12 dailies. Toowoomba, Sunshine Coast, Rocky and Mackay all used to do more than 5m profit in the half.
To be an informed shareholder of APN, they need to give some clarity around each masthead because I would assume they are losing money on more than half their papers.