Business

APN posts mid-year loss

APN News & Media, the publisher of this website, tripled its first-half loss after writing down the value of its New Zealand publishing assets unit by A$485 million as part of an ongoing review.

The net loss widened to $319.4 million, or 49.9 cents per share, in the six months ended June 30 from a loss of A$98.3 million, or 16.1 cents per share, a year earlier.

Revenue from continuing operations rose 1% to A$405.5 million.

Earnings before interest, tax, depreciation and amortisation fell 12% to A$74.9 million.

APN warned its second-half profit may be impacted by deteriorating publishing revenues on both sides of the Tasman, and the partial sale of its outdoor advertising unit.

The bulk of the impairment charge was on New Zealand mastheads, with kiwi metros written down by A$370.3 million, NZ regionals by A$83.7 million, and New Zealand magazines by A$31 million.

"It has been a tough first half for our publishing businesses, particularly in New Zealand," chief executive Brett Chenoweth said.

"Our publishing divisions have undertaken substantial work to reduce our cost base and to rejuvenate our products to adapt to a changing media context. We have accelerated these reforms."

APN's board declared a partially franked first-half dividend of 1.5 cents per share, down from 5 cents a year earlier.

At its May annual meeting, the media group told shareholders it had appointed Deutsche Bank to undertake a strategic review of the New Zealand media assets after receiving approaches from parties interested to buy.

The review is still under way, APN said today.

APN's Australian regional media business reported a 7% fall in first-half sales to A$125.2 million, for a 9% fall in ebitda to A$21.12 million, while the NZ media group saw a 3% fall in revenue to A$141 million with a 20% decline in earnings to A$21.7 million.

Australian Radio Network lifted sales 8% to A$68.1 million with an 11% boost to ebitda of A$23.8 million, while the Radio Network unit in New Zealand, whose stable includes NewstalkZB and 91ZM, increased sales 3% to A$41.7 million while ebitda fell 6% to A$6.5million.

APN Outdoor sales fell 26% to A$89.8 million with a 29% fall in earnings to A$11.5 million, reflecting the group's decision to sell half of the advertising business to Quadrant Private Equity.

Topics:  apn apn news & media nz herald



Tweed 'a disgrace' after three-day traffic blitz

One truck driver hauling a large excavator was charged with mid-range drink-driving and driving unlicenced during a police operation.

Driver's on drugs and drink targeted in crackdown

Tweed achieves green status with top awards

TOP MARKS: Fingal Head Coastcare member Kay Bolton, Councillor Ron Cooper and Tweed/Byron Aboriginal Land Council CEO Leweena Williams celebrate their respective Blue Star Sustainability Awards.

Keeping Tweed beautiful with awards.

Why I dumped Gable Tostee as boyfriend

Gable Tostee's former girlfriend Lizzi Evans.

"We had hoped to begin a new chapter of life..."

Local Partners

One public transport system on way

A solution's in sight for frustrated Tweed public transport users who are currently forced to use two different ticketing systems.


Man builds playground entirely out of packing tape

Artist Eric Lennartson is in the process of completing his huge tape sculpture at the Ipswich Art Gallery.

VIDEO:And here's where you can play on it.

Cooly sings out for carols

Santa gets ready to skydive into the Coolangatta Christmas Carols on Sunday, December 13. Photo: Scott Powick Daily News

Santa dropping in for Christmas Carols at Coolangatta

Countdown to Woodford Folk Festival begins

ECONOMIC BOON: Woodford Folk Festival is celebrating its 30th anniversary this year.  Photo Contributed

The first larger-than-life inhabitants have stepped into Woodfordia

Paris Hilton fumes at clumsy partygoers

A reveller spilt their drink on Paris Hilton's DJ decks

Winnie Harlow isn't a role model

Winnie Harlow insists she isn't a role model.

Felicity Jones proud of Rogue One: A Star Wars Story role

Felicity Jones feels it is "important" for a woman to head Rogue One

Kiwi's plea to Ellen DeGeneres to save bakery after quake

Ellen... we need your magic.

Family had to be helicoptered out after powerful quake

Seacrest: Things are "going better" for Kim and Kanye

Ryan Seacrest says things are "going better now" for Kanye West

Jonah Hill involved in a car accident

Jonah Hill was involved in a car crash on Saturday

Banks reclaim Gladstone homes as job losses bite

LONG FALL: Property experts Heron Todd say, based on key market indicators, Gladstone is still travelling to the bottom of the market, with property prices set to get cheaper.

Property valuers say Gladstone housing market hasn't hit the bottom

The million dollar property to test Mackay's market

This Victoria St building will go to auction Tuesday and investors will be watching closely to see how much it sells for.

'High profile architect designed CBD asset' goes to auction

Chinese locked out of Australian property market

The rules are different if you're a foreigner

The buyer was from China - the trouble started right there

Morrison signs off on new affordable rental model

Australia's Treasurer Scott Morrison speaks during a press conference after a meeting of the Council of Federal Financial Relations at Parliament House in Canberra, Friday, Dec. 2, 2016.

Scott Morrison signed off on development of a new financing model

Coast high-flyer's fight back from bankruptcy, $72m debt

Scott Juniper went from millionaire developer to declaring bankruptcy in2012, now he is back on top of his game again with new developments including this one in Coolum.

'Apocalyptic lending storm' causes financial collapse.

Ready to SELL your property?

Post Your Ad Here!