APN News & Media has downgraded its profit forecast, citing difficult market conditions.
The Australasian media company now says its full year profit will be up to $40 million lower than last year's profit of $A140 million, in the range of $A100 - $A110 million.
It previously expected profit to be around $A20 millon lower than last year's.
APN says the shortfall is due to a tough first half, with its six month profit expected to be around $A40 million.
The company says does not expect to see similar declines in its second half.