21 Feb 2013

APN News and Media reports fall in full year profit

7:19 pm on 21 February 2013

The Australasian media company, APN News and Media has reported a fall in full year profit, although it is in line with guidance.

The company's profit fell to $A54.4 million for the year to December, compared with 78.2 million for the same period last year.

It says weak markets offset publishing improvements and cost initiatives delivered $25 million of savings during the year, and another $25 million reduction is expected this year.

The company has been in disarray this week following the resignation of half its board and chief executive after failing to convince shareholders to raise more money.