JavaScript disabled. Please enable JavaScript to use My News, My Clippings, My Comments and user settings.

If you have trouble accessing our login form below, you can go to our login page.

If you have trouble accessing our login form below, you can go to our login page.

Troubled APN slumps to $455m loss

Date

Troubled newspaper publisher APN News and Media has fallen to a $455.8 million full year loss.

The result comes days after the company’s chief executive and chairman stood down after a stoush with the company’s major shareholders over ways to reduce APN’s debts.

APN’s net loss for the year to December 31 is down from a $45.1 million loss in the previous corresponding period.

The company posted an underlying net profit, excluding one-off financial items, in the year to December of $54 million, down from $78.2 million in the previous corresponding period.

The company in December warned that weak advertising markets would slice its underlying net profit for calendar 2012 by more than a third.

APN owns regional newspapers and radio stations across Australia and New Zealand.

‘‘The structural changes to media, together with the weak advertising markets have impacted the results,’’ newly-named chairman Peter Cosgrove said.

‘‘Work has been done to reposition the business and we are seeing encouraging improvements.’’

The company announced a further $151 million impairment on its publishing assets.

That comes on top of a $485 million impairment announced in August, 2012.

The company said trading had been positive in the early stages of calendar 2013.

‘‘Revenue declines have moderated in publishing, and the identified cost reduction program is being implemented,’’ it said.

‘‘The impact of the recent Queensland floods is still being assessed but is expected to be lower than in 2011.

‘‘Revenue in all other divisions is ahead of the prior year.’’

APN appointed Mr Cosgrove as its new chairman on Tuesday, but is still looking for a new chief executive after the publisher’s two major shareholders forced Brett Chenoweth out of the CEO role.

Three independent directors - Melinda Conrad, John Harvey and John Maasland - also left amid the stoush with APN’s largest shareholders, Independent News and Media (INM) and funds manager Allan Gray, over a proposed capital raising.

APN will not pay a final dividend for the 2012 year.

AAP


Featured advertisers

Special offers

Credit card, savings and loan rates by Mozo

Executive Style

The new wave of office buildings bring the outside in.

The new breed of outside-in offices

Judy Barouch

Nature comes to work as forward-thinking businesses turn workspaces green.