APN predicts profit in line with forecasts

APN News and Media said it expects to end the year with net profit after tax in the range of A$90 million to A$95 million.

APN News and Media said it expects to end the year with net profit after tax in the range of A$90 million to A$95 million.

The company said in a statement that if current market conditions continued, it was likely that it would have
with Earnings Before Interest and Tax (EBIT) in the range of A$180-A$190 million.

The net profit forecast is in line with analysts' consus, which predicted A$94 million.

“Overall trading continues to show improvements, especially in publishing and outdoor and although, as should be expected, some weeks remain inconsistent, we are pleased to see overall quarter four trading returning to normal trends,” said chief executive Brendan Hopkins.

READ MORE

Independent News and Media has a 32.2 per cent stake in APN. Goodbody analyst Gerry Hennigan said the the direction of the APN share price has been in marked contrast with that of IN&M.

“As we pointed out in our commentary on October 9th, such has been the extent of the destruction to shareholder value over the delay and outcome to the agreement with bondholders that IN&M’s stake in APN exceeds the market value placed on IN&M itself (€259 million versus €181 million) ,” he wrote in a note.