August 14, 2008

APN Matches Its Expectations

Australasian media group APN News & Media (APN) has reported expectation-meeting quarterly results and confirmed it was "comfortable" with consensus forecasts for full-year earnings.

The group reported a 2.5% rise in revenue to A$624.5m (EUR 366.7m) for the quarter ending June 30, while earnings before interest and tax (EBIT) were almost static at A$139m (EUR 81.6m).

APN, in which Belfast Telegraph owner Independent News & Media is a 39.1% shareholder, is one of Australasia's largest media groups with more than 120 press titles in Australia and New Zealand, as well as a substantial online division, radio interests and an outdoor advertising business that spans Australia, New Zealand, Hong Kong, Indonesia and Malaysia.

Asia was APN's knockout performer for the period, with revenue rising 20.9% and EBIT soaring 75% as the group makes its mark on emerging economies. The results and earnings outlook were well received in both Australia and Dublin, which also welcomed APN's decision to declare a dividend.

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