5 Dec 2011

Profit forecast posted by APN

12:06 pm on 5 December 2011

APN says its full year profit will be slightly below the current market consensus.

The Australasian media group says trading since June has been significantly better than in the first half of the year, which was marked by a series of natural disasters on both sides of the Tasman.

But it says trading is still behind what it was last year, because of weak advertising markets in New Zealand and Australia.

The weaker New Zealand dollar, which has depreciated almost 5% since the company announced its interim results in August, has also affected the bottom line.

APN expects to post a full year profit of between $75 - $77 million. Analysts' forecasts average $79.6 million.