APN News & Media, the owner of The New Zealand Herald and The Listener has made an after-tax loss of $45 million.
Excluding restructuring costs, the company made a profit of $78 million for the year ending December, down 24% compared to a $93 million profit the previous year.
Revenues for the year rose 1% to just over $1 billion.
APN also plans to expand its outdoor advertising business. The company announced a partnership with Quadrant Private Equity to expand its outdoor advertising business in Australia, New Zealand and Asia.
APN's chief executive Brett Chenoweth says the company's outdoor advertising division was a stand-out performer, in what was a subdued advertising market.
He says it's a year which had substantial market issues such as floods and a cyclone in Queensland and an earthquake in Christchurch, which was coupled with low levels of business and consumer confidence.
The news was followed by the surprise resignation of Pierce Cody, an outdoor advertising veteran who has been on the APN board for nearly a decade.