12 Feb 2015

APN postpones NZ float

1:33 pm on 12 February 2015

APN News and Media is postponing any float of its New Zealand assets for at least 12 months until the success of its strategy becomes clear.

The media company posted an $AU11.5 million net profit for the year to December, up from $AU2.6 million the previous year.

The newspaper publisher and radio broadcaster, which owns the New Zealand Herald, Newstalk ZB and ZM, said its New Zealand operating profits fell 11 percent to $75.1 million in New Zealand dollar terms, but fell only 3 percent in Australian dollar terms.

APN chief executive Michael Miller said the New Zealand businesses' results are better than expected.

"NZME's full-year result is slightly above the forecast released to the market in November 2014. Total revenues were down 2 percent year-on-year on a like-for like basis, to $445.8 million," he said.

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