APN News & Media has written down the value of its publishing assets in New Zealand, leading to a full year-loss.
The company owns The New Zealand Herald newspaper and The Radio Network.
APN lost $A24 million for the year to December - a turnaround from last year's profit of $A169.5 million.
Excluding writedowns of $A164 million, underlying profit fell 17% to $A140.1 million.
Like other media companies, APN says the sharp slowdown in New Zealand has hit advertising levels, particularly in its regional publications, but its radio business has also suffered.
Chief executive Brendon Hopkins says APN expects a full-year profit of $A120 million for 2009 - in line with market expectations.