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APN said first-half operating earnings drop on NZ

Monday 30th June 2008

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APN News & Media, publisher of the New Zealand Herald newspaper, said first-half operating profit fell because of increased investment costs and waning sales in New Zealand.

Sales at APN’s Outdoor and Australian Publishing units “remain comfortably ahead of the prior year whilst our New Zealand businesses are marginally behind,” chief executive Brendan Hopkins said in a statement.

On a constant currency basis, first-half revenue rose 3% in the first half, he said. The company’s business diversity “is one of APN’s great strengths in these challenging economic times,” he said.

Hopkins didn’t give more details and the company plans to release details of its first-half results on Aug. 12 along with a further update on current trading.

Net income rose 5% to A$73.2 million in the first half a year ago.

Shares of APN last traded at NZ$3.98 and reached a record-low NZ$3.96 on the NZX on Friday.

By Jonathan Underhill

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